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Britain has high employment levels but the amount of output produced per worker – productivity – has historically been lower than in other major economies. Britain’s relative performance has improved in recent years, with productivity now higher than Germany and moving close to France. A flexible, enterprising, and high-skilled economy will help deliver faster productivity growth and ensure the UK is well-placed to prosper in the global economy. The Pre-Budget Report announcements include:

• measures to support innovation and health research, taking forward recommendations for an improved intellectual property framework and new arrangements for health research funding;

• taking forward reforms to ensure greater flexibility in the planning system, following publication of Kate Barker’s Review of Land Use Planning;

• greater ambitions for assisted home ownership through shared equity schemes;

• reform of the planning, funding and delivery of transport infrastructure, to maximise the return on investment in transport, following the recommendations of the Eddington Transport Study; and

• a new ambition of world-class skills, following the publication of the Leitch Review of Skills.

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