Reshoring manufacturing – time to seize the opportunity?

E&Y’s report on Reshoring manufacturing – time to seize the opportunity; "estimate that, in the right conditions, reshoring could bring £15.3bn of GDP to the UK economy, equating to 315,000 jobs. Beyond these economic benefits, reshoring will have the wider benefit of helping to rebalance the UK economy between regions and sectors, potentially making the UK more robust to future shocks."

The report's Executive Summary says "In the 1980s and 1990s, offshoring saw a dramatic reduction in British manufacturing as a proportion of value added to the UK economy and employment. The shift from manufacturing to services resulted in a fundamental restructuring of the British economy; and while some regions saw rapid growth and wealth creation, others suffered from high rates of unemployment. However, the balance of advantages between manufacturing in developing countries versus the developed world is shifting. Increasing wages in countries such as China are eroding their labour cost advantage, while changes in consumer preferences, such as rising demand for bespoke products, concern over the source of goods and shorter delivery times, favour production in the developed world. Early evidence from business surveys shows that reshoring is a growing trend with the potential to bring significant advantages to the UK economy" To read more and link to E&Y report....