The phenomenon of reshoring — bringing back industrial sectors to the UK which had previously been outsourced to lower-wage economies — is beginning to attract attention. How important do you think this is?
Of the 475 readers who responded to last week’s poll on reshoring, the largest group, 30 per cent, thought that government assistance was the most important factor of this trend, saying it should be made available to companies wanting to bring their manufacturing back to the UK. According to 26 per cent, reshoring is a definite trend, although 24 per cent thought it wasn’t happening often enough to deserve that term. Meanwhile, 15 per cent thought that it would always be a marginal phenomenon, as the UK is simply no longer competitive in some sectors. Just 5 per cent felt our options did not reflect their opinion.
Let us know what you think about these results below.
We should be reshoring to ensure British Manufacturing can compete in the global market esp with high end quality products but we also need to ensure that opportunies are made to train young people to fill the jobs produced by reshoring.
The poll implies that the govt should only support “reshoring” if it is a trend. Considering the damage done to companies confidence and ability by tramelled business theories it might be good if the govt started to support SMEs for manufacturing; bolstering their confidence and starting to support research for them. A change to a proactive approach to governing
We helped make China a larger economy than our own, by filling chainstores with cheap Chinese goods at high prices. Retail bosses did this in pursuit of exaggerated profits at any price to the public. Other high-wage economies like Australia and Switzerland did exactly the same. High street names which were once renowned for protecting British quality and British suppliers are full of expensive shoddy, some of it even stitched together by political prisoners. Bring prosperity back to the textile workers of northern England and of Scotland while there are still some traces of their industries and skills to revive
“Reshoring” will effect all of us one way or another, it will bring much needed cash but look back at the various debates with regarding skilled labour shortages. We need to manage this change very carefully or we will be soon shipping work abroad again due to insufficient capacity in the UK. Or are we simply going to use minimum wage staff to operate expensive equipment in order to compete within the world market. We cannot continue to rely on British manufacturing producing quality goods at high prices. Maybe we should try and learn to walk again
I believe that the current policy is oriented towards high price good (HVM) and expensive machinery. It is illustrative that the Japanese got their manufacturing sorted out first; if one cannot make it then no amount of design will help.
However there are still some old-fashioned scientists and engineers around (live) – to help. Skilled labour shortages might be an issue but so too is a desire to be innovative and successful.
We as a nation should be trying to become as autonomous and self sufficient as possible in today’s and the future’s increasingly unstable world. World trade should be seen as the icing on the cake not the norm.
We, at Gibson Index, did a report on re-shoring and could find only 28 UK firms doing it. Some production went to eastern Europe, not to the UK.
Until interest rates rise to 7 per cent it makes little sense to re-start manufacturing here, save for a few big-hitter exceptions such as JLR, or makers of £350 handbags.
Meanwhile investment into property takes nearly all the funding, offering vastly better returns. The property mafia still rules the UK.. And will hang on to near-zero interest rates as long as possible.
I agree entirely with Marcus, the UK has artificially made property the mainstay of good return on investment. We all enjoy the financial protection given to us by our property and the fantastic asset value.
However, since when was there risk in building and selling houses compared to that in forming or growing a business? It seems that since the 1980s the UK has been a low risk economy with the exception of financial services: but that was gambling not growth of value.
Is there any hope that this message might move beyond this blog??? I somehow doubt it.