1. Couple of interesting points from today's UK productivity release from @ONS. First up, despite modestly stronger productivity growth of 1.4%y/y in Q2, the big picture is unchanged. UK output per hour is some 18% below where it would have been had the pre-crisis trend continued 
2. Productivity growth picked up somewhat over the past couple of years, although it should be noted that we have had growth pick-ups in 2010-11 & 2014, so the jury's still out on whether this time is different. More concentrated in the non-financial services sector this time.
3.The biggest driver of the uptick in productivity growth has been less of a drag from the reallocation of labour from relatively higher to relatively lower productivity sectors of the economy. Beyond that, it's been better business services productivity growth that's led the way
