Now that Ed Miliband has being elected Leader of the Labour Party perhaps we should expect some real policies to revive the U.K manufacturing industry. Ed has mentioned “broadening the industrial base” but there is precious little on the official Labour Party website to illustrate what this means.
The last Labour Government presided over the biggest decline in manufacturing industry EVER ! from 28% GDP in 1996 to a pathetic 10% in 2010.
“So what ?” you may ask.
Well, manufacturing is important for the following reasons:-
1) Jobs tend to be higher paid than those in administrative rolls.
2) Every job in manufacturing creates 10 others in the Supply Chain.
3) Products manufactured in the U.K generate important foreign income and reduce the trade deficit.
4) Making things generates a sense of self worth and pride.
5) Manufacturing provides valuable Tax revenue.
If we seriously want to reduce the current account deficit and claw our way out of recession we need some real policies to revive the manufacturing sector based on new product development and innovation.
So Ed – tell us what you will do for manufacturing ?
