“Although today’s figures are promising, the UK continues to face a mountainous productivity challenge that is holding back our wages and quality of life.
“The Chartered Management Institute has long warned that chronic under-investment in management and leadership skills is one of the biggest drains on UK productivity. Poor management costs the UK economy £84bn a year, which comes as little surprise when you consider four out of five bosses are ‘accidental managers’ after receiving no formal training.
“To boost productivity, employers must look to initiatives to train and develop their workforce. Initiatives such as the Apprenticeship Levy offer a key opportunity to do so, yet it is disappointing that many employers do not recognise apprenticeships as a key route for driving up productivity. Already, savvy employers who are engaging with the levy, and especially the new degree-level management programmes available, are seeing the benefits. With this in mind, the government could do far more to leverage this investment for a more productive and prosperous UK economy”.