12 February 2001, 10:18 UK DTI report says economy in good health but workforce ill-equipped
LONDON (AFX) - The UK economy is in good health with high foreign
investment levels, but low productivity levels and workforce skills are
a problem, according to a trade and industry department report released
today.
"We have been rewarded by record inflows of foreign investment,
bringing the total stock of inward investment to over 300 bln stg,"
trade minister Stephen Byers said.
"This report has highlighted the need to remove obstacles to
enterprise and entrepreneurship in all parts of the country, to address
the skills shortage in our workforce, and to raise educational
standards for all," he added.
Foreign direct investment into Britain as a percentage of GDP is
the highest among the G7 industrialised nations, the report says.
The value of inward investment for 1999 represented 27.4 pct of
GDP.
On the downside, the ministry reported, productivity is
significantly lower than the G7 average.
In terms of output per worker the United States is 45 pct ahead of
Britain.
Another problem was Britain's "basic and vocational skills
performance" was deemed "significantly lower" than in other G7
countries.
Seven million adults in England have poor literacy and numeracy
skills and only 37 pct of the workforce have decent school leavers'
exam qualifications, compared with 74 pct in Germany, according to the
report.
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