More than 200,000 new manufacturing jobs could be created in the UK over the next decade as companies stop outsourcing to Asia, according to new a report.
Advances in production technology, combined with an increase in costs and regulations overseas, are leading a growing trend for goods to be manufactured nearer to where they are sold, the ‘Making at home, owning abroad’ report said.
The study by the Royal Society for the encouragement of Arts, Manufacturers and Commerce, supported by Lloyds Banking Group, also revealed manufacturers are facing increased oil prices and rising labour costs, while there is a growing emphasis on sustainability and reducing emissions.
This is likely to lead to a growth in localised
production over the next ten to 15 years. It would have the potential to raise
the UK’s domestic production by £30bn and reduce the trade deficit by a third,
the report’s authors added.