“In fact, we know most companies have below-average levels of productivity
Firms which do not export are poor at raising productivity, which Mr Haldane believes may be because they are not as heavily exposed to foreign competition.
Similarly it can help if firms have foreign owners who are used to competing against the best the world has to offer.
Actually, the Treasury had this right in their Brexit document. Imports expose firms to that foreign competition and thus they up their productivity or go bust. This is one of the ways that imports make us richer….