Before commenting more on human capital, I think measurement - of hours worked in particular - could potentially also be important (and better data would help one understand better how large the decline in labor productivity has been and whether it reflects TFP or not). Human capital though seems to me to be an important issue especially in terms of primary education where lack of investment in high quality state financed eduation has led to a two-tier system which serves well those who can afford private schools but not others. The same is true also for nurseries. I am aware that the survey is specifically asking about UKs experience post-2008. There is probably little doubt that other factors are important for this too. Wage growth has been very modest since the financial crisis and this might have induced poor labor allocation across jobs. Of course, it is unclear why wage growth has been so poor one possible reason being labor supply but others also being possible, It also seems that the poor productivity performance may be concentrated in services where lack of competition may be an issue. But I think it is fair to say that there is no single easy answer to the poor UK productivity performance.

They seem too small at the moment to be a threat. Also, were a cryptocurrency to implode, the impact would probably be less country-specific than, say, a sudden large decline in London house prices, and this might indicate a less dramatic impact on financial stability. Of course, exponential growth in cryptocurrencies could change this within a reasonable horizon so it would seem prudent for policy makers to keep an eye these currencies.