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UK productivity falls at joint-fastest rate since 2013 - ONS

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UK productivity falls at joint-fastest rate since 2013 - ONS

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LONDON (Reuters) – British economic productivity fell at its joint-fastest annual rate since 2013 in the 12 months after the country voted to leave the European Union, official figures showed on Friday. Output per hour worked in the three months to June was 0.3 percent below its level in the three months to June 2016, the Office for National Statistics said, a drop last exceeded in the third quarter of 2013. However, a key gauge of domestic inflation pressures fell, just as the Bank of England prepares to raise interest rates for the first time in more than a decade. Annual growth in unit labour costs – the cost to employers to produce a given amount of output – was its slowest in over a year at 1.6 percent from 2.4 percent in the first quarter of 2017.

(Reporting by David Milliken; Editing by William Schomberg)
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