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15 Billion Increase to UK Economy

A recent report by EY states that by reshoring a number of industries back to the UK  could add £15.3 billion to the economy and create hundreds of thousands of jobs as published on Supply Management by Marino Donati.

 

Offshoring in the 80s and 90s saw a dramatic reduction in British manufacturing and a shift to services industries that resulted in a fundamental restructuring of the British economy,” says Mark Gregory, EY chief economist and author of the report. He goes on to say “While some regions saw rapid growth and wealth creation, others suffered from high rates of unemployment.”

 

Intensive sectors such as aerospace, defence, automotive, petroleum products and clothing, serving the European market, were most likely to benefit from reshoring with the right incentives.  The report concluded reshoring would create a better economic balance between regions and sectors and make the UK economy more robust.

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