By Dominic Davies

‘Poor productivity means we are putting in more and getting less out.’ These were the scene-setting words Rachel Reeves chose in her pre-budget speech, as she laid the groundwork for looming tax hikes in the Autumn Budget.

Reeves isn’t wrong in her diagnosis of productivity. Since the 2007 financial crash, the UK has suffered a fifteen year productivity slump. It’s led to stagnant wages and poor standard of living growth. The UK's productivity has lagged behind many of its G7 counterparts, such as France, Germany, and the United States.

As someone who’s made a career working within the start-up sector; the answer to restarting UK growth will not be by taxes alone. We need to champion small businesses, protect our innovations and keep Britain' s competitive edge on the global stage by investing in R&D in new industries like AI, quantum, health sciences and dual-use technology.

Lower productivity and raised taxes go hand in hand. If productivity grows more slowly, wages are lower which means lower tax revenues. Therefore, less money can go into the NHS and other essential public services.

Labour finds itself in a position where it may have to break manifesto commitments, raising........

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