Govt launches new 'productivity plan'

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A range of measures to enhance the nation's productivity have been announced by the chancellor

A new set of comprehensive proposals aimed at boosting productivity across the nation in the years ahead have been published by the government.

Outlined today (July 10th) by chancellor George Osborne, the plan is entitled 'Fixing the Foundations: Creating a more prosperous nation' and sets forth a raft of new measures that will impact businesses up and down the country in the coming months.

Details include plans to reduce corporation tax to 18 per cent by 2020 and raising the Annual Investment Allowance to £200,000 for all firms, with the aim of helping companies to secure better long-term, stable finances.

Meanwhile, the delivery of the next generation of highly-skilled professionals will be a chief aim of these proposals and this is to be achieved through greater investment in human capital and the introduction of a new compulsory apprenticeship levy.

Creating an environment of flexibility and less bureaucracy is also high on the agenda for the chancellor, with the introduction of more digital technologies across the economy in the coming years, as well as a continued commitment to streamline legislation and industry regulation.

Mr Osborne argued that the only way to raise living standards and deliver a more prosperous future is to tackle the issue of poor productivity head-on.

He added: "This will not be achieved overnight and will require a truly national effort by government, business and working people.

"But with this blueprint to fix the foundations of our economy, I believe that we have taken the vital first step towards securing the prosperity and livelihoods of generations to come."