Opportunity to rebalance UK economy
News date: 04/02/2010
Opportunity to rebalance UK economy
Jan 19 2010 By Sarah Green, The Journal
AS part of the Great North Revolution programme launched last year, 30 North East business leaders yesterday attended a tour of the Printable Electronics Technology Centre (Petec) at Sedgefield.
Printable electronics are revolutionary technologies which will power the next generation of consumer devices, including applications in printing, lighting, display and advertising, media, design and animation.
Petec’s ambition is to become one of the five leading printable electronics centres in the world, in an industry which is forecast to be worth £16bn by 2015.
Printable electronics is one of the new types of manufacturing we are looking to develop in this region. Manufacturing is vital to our economy. It accounts for 13% of GDP, 75% of business research and development, 50% of UK exports and 10% of employment.
Britain is the sixth largest manufacturer in the world by output. Manufacturing provides us with the security and adaptability to change that is only possible with economic diversity.
For example, as the UK moves towards a low-carbon economy, manufacturers will be at the forefront of this change, developing new techniques and processes, creating new skills, products and technologies, opening new markets and areas of growth.
The full manufacturing value chain now includes suppliers, innovators, distributors, designers and service elements.
Undeniably, UK manufacturers have suffered (and continue to suffer) in the recession, but companies have also been taking the opportunity to train staff, restructure and reposition to make themselves even more effective and focused on the future.
There is now a real opportunity for a resurgence in UK manufacturing, trading on our competitive advantages across the value chain for flexibility, efficiency and outstanding quality.
Support for manufacturers does not fit easily in any one policy area but is concerned with issues such as STEM skills, intellectual property, tax, supply chain finance and export policy.
There is a window of opportunity to rebalance the UK economy with a new focus on encouraging manufacturing particularly linked to the low-carbon agenda.
This builds on our regional skills and if we can achieve a coherent strategy and harness the necessary political leadership, the North East is very well placed to deliver.
Sarah Green is regional director of CBI North East