Chancellor calls for more innovation from business

The video discusses the current inflation situation, with CPI inflation at 9% and expected to peak at 10%. The government outlines plans to help with the cost of living and improve growth by addressing weaknesses in investment, skills, and innovation. The role of the Bank of England in controlling inflation and the need for businesses to invest more in R&D are emphasized. The speaker calls for collective effort from entrepreneurs and leaders to achieve higher productivity and living standards.

What is the Bank of England's primary responsibility in the current economic scenario?

• To control inflation

• To reduce taxes

• To boost exports

• To increase government spending

What is identified as a major factor contributing to the productivity gap with France and Germany?

• Excessive government intervention

• Lower capital per hour worked

• High inflation rates

• Lack of skilled labor

What has slowed considerably since the financial crisis, affecting productivity?

• Export growth

• Tax reforms

• Government spending

• Innovation

What is the government's pledge regarding public investment in research and development?

• To maintain current levels

• To increase it by 50%

• To eliminate it completely

• To decrease it by 20%

What does the speaker believe is necessary for achieving higher productivity and living standards?

• Reducing public investment

• Increased government control

• Higher taxes

• Collaboration with entrepreneurs and leaders