May 19, 2020

Fast adoption of technology could boost the UK's economy by £100bn, says CBI

Europe technology
Digital Disruption
technology transformation
United Kingdom technology
Johan De Mulder
2 min
Fast adoption of technology could boost the UK's economy by £100bn, says CBI

Integrating the most up-to-date technology would boost businesses and in turn the UK's economy by £100bn, according to a new Confederation of British Industry report.

To tackle the country's known productivity issue, the CBI is encouraging companies to behave more like 'magpie' businesses rather than 'ostrich' businesses by incorporating the best current technology rather than applying too much resource to long-term technology.

The report says that too many British businesses are being left behind by their commitment to traditional practices, leaving big disparities in productivity and pay.

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"While the eyes of the business world can often be on ‘the next big thing’ in cutting-edge technology, too many firms are missing out on what’s right under their nose," said CBI Director-General Carolyn Fairbairn. "Failing to adopt the nuts and bolts technologies of today is leaving a yawning gap in productivity and pay between businesses.

"The UK needs more ‘magpie’ firms with the skill and the will to find and adopt tried and trusted technologies and management practices that the best businesses showcase, and not get stuck in their ways."

The CBI was founded in 1985 and works with almost a third of Britain's private sector workforce and 190,000 businesses.

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