Staggering figures – so what’s the solution, if in fact one is needed.
As manufacturing jobs are generally well paid compared to the rest of the economy and as each manufacturing role supports a number of others in the supply chain it would seem logical that an increase in the number of manufacturing jobs will lead to a more diversified and robust economy.
So, how do we go about generating more manufacturing jobs. Do we introduce tariffs on Chinese goods ? Impose extra duties on imports ? – we could do this but in the end we may do more damage to British business than good.
Many companies have survived by outsourcing activities to China, the Far East and elsewhere and whereas some would argue this has cost British jobs the counter argument is, that without outsourcing, these companies would have gone bust and cost even more jobs.
Capitalism is a dynamic competitive environment and, like its biological counterpart, the most able to adapt will survive.
Wherever a company or organization exists, in order to compete, survive and thrive it needs to Innovate.
It needs to develop new products and services and bring them to market.
In the current climate this is even more critical.
Innovation enables the most able to adapt to survive.