The way productivity is measured will change drastically > "Our LEP has not based its strategy on these new measurements."

It's all about 'improving productivity':
Futures Forum: Can the Devon/Somerset Local Enterprise Partnership 'double' the regional economy in 18 years?
Futures Forum: The 'vision' of higher productivity and economic growth in Devon "bears little relation to reality"
Futures Forum: Devolution proposals for Devon and Somerset >>> "focusing on delivering improved productivity" or "an unelected, one-party combined authority"?

The problem is that the LEP here in Devon puts more importance in the bigger players - that is, themselves:
Futures Forum: The Local Enterprise Partnership in Devon, conflicts of interest and calculating "housing need"

And yet, the Devon economy is all about small enterprise:
Futures Forum: "Statistics show us that small and medium-size businesses (including those in tourism) are our life blood." (2013)
Futures Forum: East Devon, the retail sector and questions about job creation: "How we can help meet the needs of business into the future in a world of enterprise and entrepreneurism..." (2014)
Futures Forum: In defence of Sidmouth's independent businesses (2015)
Futures Forum: SMEs, self employment and the sharing economy (2015)
Futures Forum: Corporation tax, small towns and small businesses >>> giving SMEs the same 'level playing field' as multinationals (2016)
Futures Forum: "99% of East Devon's businesses are either micro or small enterprises" >>> Will the District Council be giving them 'discretionary relief' against business rate increases? (2017)


The LEP met yesterday to discuss 'productivity':
Heart of the South West Draft Productivity Strategy Tickets, Tue, 21 Nov 2017 at 11:00 | Eventbrite

But things are moving on rather quickly.

Following on from a piece in the Telegraph...
UK to use small firms' VAT returns to calculate economic growth - Telegraph

... the East Devon Watch notes a rather important change in how we will be measuring 'productivity':


LEP TAKE NOTE: 
PRODUCTIVITY IS GOING TO BE MEASURED VERY DIFFERENTLY FROM NOW ON

20 NOV 2017

Our LEP has an open meeting on its “productivity strategy” tomorrow at 11 am at

Regency Suite, Devon Hotel
Exeter EX2 8XU

https://eastdevonwatch.org/2017/11/18/lep-needs-help-on-productivity-strategy-public-meeting-21-november-11am-exeter/

However, it may find itself in some difficulty as the way productivity is measured will change drastically next month when, instead of measuring productivity only in large firms, for the first time 600,000 businesses employing less than 100 people will be included. Our LEP has not based its strategy on these new measurements.

“The Office for National Statistics is overhauling the way in which it measures the UK economy by including vast amounts of VAT data from small firms for the first time.

Previously, GDP estimates have been generated from a survey of the turnover at 45,000 companies – including all of the country’s largest businesses.

From December, information from a third of the UK’s 1.8m VAT returns will also be added to turnover data and included in official GDP figures.

This will dramatically change how the country’s economic growth is measured, providing far more insight into specific industries and locations. The greater proportion of VAT returns will also encompass more small companies, which make up 98pc of UK businesses.

LEP take note: productivity is going to be measured very differently from now on | East Devon Watch

See also:
UK to start using VAT returns to measure GDP
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