London’s high-growth companies have weathered the nationwide trend of low productivity by announcing increases of 20 per cent, according to latest research.
According to the latest ECI Growth Survey found, while productivity improved by less than one per cent per UK worker last year, the capital’s highest growing firms considerably surpassed that. Substantial investment in skills, training, technology and social media helped fuel this upturn in growth.
Although London is experiencing the highest levels of productivity increase, firms in the capital are also the most concerned about the Brexit-induced skill shortage with just over half recognising it as a fast approaching problem. Suzanne Pike, director and head of origination at ECI, said “Growth companies are the biggest creators of jobs and wealth in this country, so what they say and so have enormous importance for the wider UK economy, especially as we enter a period of uncertainty around Brexit. While our economy continues to languish with poor productivity, it is enormously heartening to see growth companies bucking the trend – and how! Wider UK plc should take a leaf out of their book.”
These trends are a strong sign for Britain’s economic future when we leave the EU; it shows that our companies are resilient and will be able to maintain a strong position post-Brexit.