Time is money and manufacturing is a solution
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
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