On the back of cracking success at the Olympic Games, now is a great time to ponder what else Great Britain does well.
The Olympics opening ceremony celebrated the industrial revolution, which began in the UK and saw huge steps forward in the development of technology, the manufacturing sector and other industries. It had a profound impact on daily life and the living standards that people across society enjoy.
Britain remains an important manufacturing nation and the manufacturing sector is a vital part of the economy…
- 10% of the country's GVA is generated by the manufacturing sector
- Approximately 2.5 million people are employed in manufacturing
- Half of the UK's exports are manufactured goods
- The manufacturing sector contributes over 70% of business R&D spending
- The UK is the world's 9th largest manufacturer
The British manufacturing sector continues to generate new, innovative and ground-breaking products and services...
- The Make it in Great Britain exhibition at the Science Museum showcases some excellent examples of the range and success of British manufacturing. A few weeks ago the EEF economics team visited the Exhibition and would highly recommend it to others.
- This recent Telegraph photo gallery also celebrates great British inventions.
As the UK gears up for recovery, the manufacturing sector must be a key part of that plan
The manufacturing sector has been hard hit by the uncertainty in the economic environment but manufacturers are not idle. Many of our members continue to invest, are looking for growth opportunities in new markets and are focused on developing new products and services to keep ahead of competition. The government needs to be encouraging more of this type of activity so UK manufacturing remains competitive.
Over the past couple of weeks our summer reading list has discussed some of the areas that policymakers should be thinking about. These include the need to boost innovation and support UK companies to export, as well as looking at the success of some of our competitor nations.