BoE’s Cunliffe sees more efficient UK firms in coming years
Deputy governor justifies MPC forecast on productivity growth
Bank of England (BoE) deputy governor Jon Cunliffe offered an explanation for why the monetary policy committee (MPC) expects productivity growth to improve from 2016 onwards – citing the incentives for firms to become more efficient in the coming years.
Cunliffe, speaking in Luton on June 22, acknowledged productivity had been a "serial disappointment" in the past few years, but defended the MPC's forecast that "we will see a pickup in 2016 and 2017".
He outlined two types of productivity
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