The UK economy is experiencing slow productivity growth, which could prove to threaten the country’s prosperity. A report released by the Institute of Grocery Distribution (IGD) found that the UK’s weak national productivity is creating issues for the government, businesses, and consumers alike – and it’s vital that this is resolved, says leading material’s handling firm, Midland Pallet Trucks.
According to the https://www.igd.com/Portals/0/Downloads/viewpoint-special-three-productivity-gaps-for-uk-food-and-drink.pdf” \t “_blank” report, productivity gains in the UK have been slow since the 2008-2009 recession. While other western European economies have managed to restore productivity growth, the UK continues to lag behind. The report outlines the main productivity gaps facing the UK food and drink supply chain and states that a failure to address these issues will see the UK’s national supply chain continue to fall further behind its peers.
The increase in this productivity gap, compared to other western countries, suggests a weakening of UK businesses. One takeaway from the report is that there is perhaps untapped potential within the supply chain. If improvements could be made to productivity, businesses, the government, and consumers alike would benefit. An increase in the efficiency of domestic food production would increase food security for UK citizens, as the UK would be less reliant on imports.
The report details that a lack of labour and skills is contributing to low productivity levels. IGD suggests that a short supply of labour means that employees must generate more value in their time at work, thus increasing their productivity. One way to do this would be to invest in developing employee skillsets or utilising more efficient equipment.
Midland Bearings, a leading company in the logistics industry, has been helping warehouses increase productivity by shipping high-quality https://www.midlandpallettrucks.com/product-category/hand-pallet-trucks/” hand pallet trucks, https://www.midlandpallettrucks.com/product-category/lift-tables/ lift tables, and “https://www.midlandpallettrucks.com/product-category/manual-stacker-trucks/” manual stacker trucks to businesses across the UK. Seamless logistics are one of the critical elements in improving the productivity of the food supply chain.
Phil Chesworth, Managing Director of parent company https://www.midlandbearings.com/ Midland Bearings said, “Tackling the issues in supply chain productivity will require a combination of solutions, and this includes the provision of high-quality equipment. The use of our equipment will allow warehouses to run more efficiently, which will increase productivity, helping to keep costs lower for consumers, and allow UK businesses to better compete with overseas competitors.”