"The fact of the matter is we just don't do enough investment, we don't do enough R&D in the UK, and that is something that's hampering our productivity growth," said Turner.

Higher productivity would be a boon for workers. Companies could produce more for the same number of staff, and afford to pay them higher wages.

Despite high inflation, average wages are no higher today that they were before 2008, the Resolution Foundation said in a report this month.

Ilzetzki said more investment in innovation, research and development, and providing job training to the labor force would go some way to boosting productivity, as well as encouraging immigration.

Yet not one of Truss and Sunak's proposals would "put even a minor dent into the deep structural challenges that the UK faces," he said.

"The fact of the matter is we just don't do enough investment, we don't do enough R&D in the UK, and that is something that's hampering our productivity growth," said Turner.

Higher productivity would be a boon for workers. Companies could produce more for the same number of staff, and afford to pay them higher wages.

Despite high inflation, average wages are no higher today that they were before 2008, the Resolution Foundation said in a report this month.

Ilzetzki said more investment in innovation, research and development, and providing job training to the labor force would go some way to boosting productivity, as well as encouraging immigration.

Yet not one of Truss and Sunak's proposals would "put even a minor dent into the deep structural challenges that the UK faces," he said.