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It's productivity, stupid: The chancellor must be bolder on the greatest threat to living standards

WHENEVER a new Budget is in the offing, fiscal policy tends to take centre stage. But while an open and lively debate over the goals of fiscal policy in the coming year is to be welcomed, we should not forget about the economic problems that, lurking in the background, continue to afflict the country. In particular, the absence of meaningful productivity growth remains, by far, the largest risk to the prospects for living standards in our society.

To understand the importance of productivi

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