Commenting on ONS analysis showing that average productivity growth in the last decade was one-third of the level of productivity growth in the decade before, Shadow Chancellor John McDonnell MP said:

“Productivity growth has slumped during the time that the Tories have been in government.

“For all their talk of a productivity agenda, the Conservatives have singularly failed to address the massive productivity challenges facing this country, in particular for small- and medium-enterprises outside of London.

“In government Labour will deliver a comprehensive and costed economic programme to tackle the productivity crisis, including through the establishment of a National Investment Bank and a National Transformation Fund.”