|
|
|
|
|
05/03/2010
 Email to a friend
 Comment on this article
|
Since the global economic crisis exposed the UK's reliance on the financial services sector, manufacturing has enjoyed a renaissance. Now, the sector is seen as one of the ways of turning things around. But it's going to be a long haul. Findlay Media's Manufacturing Summit, held on 4 March in London, provided the platform for strong debate on the future of UK manufacturing.
Putting things in perspective was Ruth Lea, economic advisor to the Arbuthnot Banking Group. She said it was useful to think about the UK's national debt in terms of time – £1 equals 1s. On that basis, £1million is equivalent to 11.5days. But how about £1billion? That's equivalent to about 31.5 YEARS – and the UK debt is £178bn.
How do we start paying it off? The political parties are looking to cut Government spending, but there's another way – investing in manufacturing.
If the UK reduces its imports by 10% and boosts its exports by 10%, that generates £45bn a year. On that basis alone, it would be possible to pay off the national debt in four years.
There will be a general election in the next three months. Ask your candidate what their position is on manufacturing.
To keep up to date with the debate, go to the UK Manufacturing Summit website
|
|
| |
Author
Graham Pitcher
|
| |
| |
|
| |
This material is protected by Findlay Media copyright 2012.
See Terms and Conditions.
One-off usage is permitted but bulk copying is not.
For multiple copies contact the sales team.
|
| |
|
|
| |
To comment on news stories or blogs you need to complete our 60 second registration
process. Once completed this then allows you to download any and all white papers,
register for e-zines and access our detailed supplier directory for FREE.
If you are all ready a registered user then enter your e-mail address and login.
You will need to have logged in prior to entering your comments in the boxes provided.
|