The Bank of England’s Silvana Tenreyro presented evidence that the UK’s long productivity slump may soon come to an end in remarks on January 15.

The external monetary policy committee member said two sectors – finance and manufacturing – accounted for the bulk of the recent productivity weakness, having shown strong productivity growth before the 2008 crisis. As financial firms complete a process of repair, some productivity growth should return to the sector, she noted, and the cost of