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UK aims to save £15B yearly by boosting productivity

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UK aims to save £15B yearly by boosting productivity

The U.K. government hopes for £15 billion in annual savings from a plan to boost construction productivity and improve infrastructure investment.

By benchmarking projects and accelerating the use of modern construction methods such as offsite manufacturing, the 10-year Transforming Infrastructure Performance program should support economic growth and "exploit a £15 billion productivity opportunity in construction" yearly, Exchequer Secretary to the Treasury Andrew Jones said.

The productivity program was presented together with the £600 billion National Infrastructure and Construction Pipeline, which outlines private and public projects for the next decade.

It comes after the U.K. government slashed its official economic growth forecasts for the next few years and a major business group anticipated lukewarm growth in 2018 and 2019, both citing weak productivity as a key challenge.