Economy: Productivity Measurement

Lord Cormack Excerpts

Thursday 28th March 2019 Lords Chamber

[Lord Young of Cookham]

The noble Lord has a long-standing interest in productivity data, perhaps inspired by the book Capitalism Without Capital by Professor Jonathan Haskel, with whom he has a relationship that is statistically significant. The noble Lord is quite right that intangible assets such as software, research and development and intellectual capital are now just as important as tangible assets. In fact, the annual investment in each is about the same. The ONS regularly engages with leading academics and government departments to ensure that its work meets their needs; there is an annual productivity user forum. Over the next two years, the ONS is investing in improving information, particularly on public service productivity, and I will ensure that it takes the noble Lord’s injunctions on board tomorrow morning.

[Lord Cormack (Con)]

My Lords, would it be a good idea if the good Professor Haskel turned his attention to productivity in your Lordships’ House, and compared it with productivity in what is fast becoming the House of Chaos at the other end of the Corridor?

[Lord Young of Cookham]

It is certainly the case that cost per Member is much lower in your Lordships’ House than in another place, although of course there are reasons for this. So far as productivity in your Lordships’ House is concerned, one possible measure would be the number of questions we get through in 30 minutes adjusted for quality.