Monday newspaper round-up: UK productivity, Nissan, Netflix, South Western Railway
The slowdown in Britain’s productivity growth over the last decade is the worst since the start of the Industrial Revolution 250 years ago, a dismal track record that is holding back gains in living standards across the country. Research from academics at the University of Sussex and Loughborough University shows that the productivity growth slowdown since the 2008 financial crisis is nearly twice as bad as the previous worst decade for efficiency gains, 1971-1981, and is unprecedented in more than two centuries. – Guardian
Britain’s energy regulator has said it will change how it governs the industry to help meet the government’s climate targets, after coming under fire for failing to prioritise the climate emergency. The regulator published a wide-ranging climate action plan on Monday, which aims to help get 10m electric vehicles on our roads by 2030 and support a fourfold increase in offshore wind generation, while protecting homes from rising energy bills. - Guardian
Japanese car manufacturer Nissan could invest further into Britain in the event of a hard Brexit as part of a bold plan to win market share from its rivals. The company has drawn up plans to pull out of mainland Europe should a deal between the UK and EU lead to tariffs on car exports. Nissan believes it can account for a fifth of the entire car market in the UK. – Telegraph
Netflix faces growing scrutiny of its tax affairs in Britain amid claims it generated more than £1 billion in revenues from its UK subscribers last year. The American streaming company may have made annual pre-tax profits of £68.5 million on revenues of £1.08 billion from its British customers in 2019, according to analysis by Tax Watch. This would result in a tax liability of £13 million if the profits were declared here, the think tank estimated. – The Times
South Western Railway will be formally asked this week to explain to Grant Shapps, the transport secretary, why he should not sack it from the commuter network based at London Waterloo. Just days after Mr Shapps renationalised Northern rail, stripping Arriva of its franchise, the owners of South Western Railway (SWR) have been told to submit a bid to the Department for Transport to stay in the job. If the plans of SWR’s operators — First Group and MTR of Hong Kong — fall short, Mr Shapps will nationalise the business and hand the keys over to the operator of last resort, a sub-division of the transport department which is taking over at Northern next month. – The Times