Reviving British Manufacturing: Why? What? How?
Alan Reece, July 2011
Alan Reece, an academic-turned-successful-manufacturer, argues that we must revive our manufacturing industry. However, the problems are enormous. Between 1997 and 2008 manufacturing output remained flat at around GBP150 billion a year. Allowing for inflation, this represents a real reduction of around GBP3.5 billion a year. Alan Reece argues that we need to increase our output of goods by GBP10 billion a year for ten years, increasing the workforce employed in manufacturing by 200,000 a year. Exports are vital to our economy, but difficult to increase substantially, given the weaknesses of the British manufacturing base now. A more realistic policy for fixing the balance of payments is to import less, by producing more goods, food and energy for the home market. Alan Reece calls for a Minister for Economic Growth, with Cabinet rank, whose sole purpose would be to ensure that each quarterly trade deficit in goods should be smaller than the last one.Download PDF Purchase Book