Interesting analysis below- a significant chunk of national output is just not measured. £100bn by pioneering research.
If true it raises the interesting question- where is it?
this is right - and a word of caution because this is preliminary stuff - everything falls into place. There may indeed be a problem of the weak tail of underperforming British companies. There are certainly problems of rising inequality everywhere, associated with soaring house and other asset prices. There are skill shortages just about everywhere too, pointing to weaknesses in education and training. But the huge and scary proposition that the great productivity machine is broken is wrong. Phew!