BoE officials say UK may be starting to throw off productivity woes

Bank of England governor Mark Carney
Mark Carney

There are signs the UK economy is beginning to emerge from a lengthy period of little or no productivity growth, Bank of England executives told the Treasury Committee today (July 14).

David Miles, an external member of the monetary policy committee (MPC), pointed to figures published on July 1 showing first-quarter productivity growth hit 1.3% on an annualised basis, the highest rate since 2012.

"There may be a glimmer of light at the end of what has been a very long, dark tunnel," Miles said.

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