This ranking highlights the UK\u2019s most efficient local economies: The places where each hour worked converts into exceptional economic value, supported by strong employment and business networks.<\/p>\n
Across the country, a number of local economies are achieving something crucial: They\u2019re converting each hour of work into more economic value than others. And, when workers produce more value per hour, the influence extends far beyond the charts in year-end presentations. Beyond feeding company cashflows, higher productivity also increases tax revenue, which, in turn, supports core public services. Understanding where work is most efficient therefore becomes not only an economic exercise, but also a social one.<\/p>\n
At national level, the UK\u2019s efficiency problem has shaped the economic conversation for almost two decades. Namely, until the financial crisis of the late 2000s, productivity grew steadily, averaging around 1.6% a year. But, since then, growth has averaged just 0.5% \u2014 leaving productivity levels only marginally higher than they were in 2010 and around 26% below where they would be, had the pre-crisis trend held<\/a> (Fig. 5, p. 7)<\/em>. That said, the national picture hides places that have charted a very different path.<\/p>\n Our ranking evaluates 15 of Britain\u2019s most efficient cities by using a combination of labour productivity, employment strength, job and business density, as well as work hours as a contextual indicator of work intensity. The result is a map of places where work is not just abundant, but economically effective:<\/strong><\/p>\n