Productivity pains and labour gains in the UK

The flexibility of wages in the UK combined with very low investment may explain why the Great Recession took a big toll on productivity, but not on jobs.

VoxEU.org

With some economic recovery having finally got underway, the UK is still feeling the repercussions of the so-called ‘Great Recession’. National output, as measured by GDP, fell by over 7 per cent from its peak in January 2008 -- the biggest fall since the inter-war years -- and only returned to its pre-crisis level in April 2014 (NIESR 2014). This has been the slowest recovery in this century (see Figure 1).

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