Britain is facing a productivity crisis – we are working harder than ever but earning less.

As the Office for Budget Responsibility announced yesterday, a downgrade in our long-term productivity gains means Britain may never recover from the financial crisis. Lower productivity not only hits ordinary household budgets hard – but lower earnings mean lower future tax revenues which will result in a stagnant economy and a larger budget deficit in future years.

Philip Hammond’s budget cannot resolve this without radical changes to how the economy is structured. By applying co-operative values and principles, there is a solution to our productivity crisis, which can create long-term sustainable growth. Our plan for our economy gives workers a stake in the success of the businesses they work for, ensuring they have a say and a share in the rewards. It seeks to re-balance the economy, enabling communities to drive bottom-up growth in every region.

They key issues – and the co-operative solutions