Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the cost to the public purse of low productivity growth since 2010.

Productivity growth has slowed globally since the financial crisis. The Government is closely monitoring the effects of this on the UK economy to guide policy. Since 2010 we have invested over half a trillion pounds in capital investment, cut taxes to support business investment and reformed technical education. The Autumn Budget sets out the next steps the government is taking to improve productivity. We are extending the National Productivity Investment Fund, increasing support for R&D to its highest level in 30 years by 2021/22, transforming lifelong learning and responding to the Patient Capital Review that we commissioned.