The government has announced the formation of a new Productivity Institute, based at the University of Manchester, which will be funded to research to explore how to increase productivity, boost wages and support the economic recovery across the UK. The government will invest £32 million into this institute. Areas of research could involve understanding the supply and demand for labour and skills across regions and sectors, looking at how companies can implement new technologies and efficient processes to increase competition, improve working conditions, and accelerate the transition to a low carbon economy to future-proof industry and lower prices for consumers. The government is also funding the London School of Economics £5 million to identify how the UK’s most innovative products, services and technologies can be distributed more evenly across the economy.
