Ebac Director John Elliott MBE DL says the Government must act now to cut the UK’s trade deficit before the UK becomes like Greece. The latest UK trade figures for non-EU countries, announced this morning, showed exports in June had decreased by £1.7 billion (13.1%) from May, with imports increasing £0.1 billion (0.8%).
John, who is campaigning on the dangers of failing to address the UK’s trade deficit, argues that taking people off benefits and into employment in the manufacturing industry is the simple way to improve the UK’s economic health.
John, founder of the County Durham-based Ebac Group Ltd, said: “One of the biggest threats to our economy is staring us in the face, yet those with the ability to tackle the problem are choosing not to do so. Simple support for manufacturing can prove to be one of the biggest boosts to the economy, and it is vital, because if we carry on the way we are, consuming billions more than we produce every month, we will end up like Greece.
“This is unsustainable and we have to get back to basics, manufacturing the basic things we and the rest of the world need. We have the ability and manpower to make things like clothing and white goods, but instead we turn to foreign markets and import them. Like Greece we pay for these imports by borrowing. Like Greece we’ll run out of people prepared to lend to us.
“It is no surprise that countries with a trade surplus based upon industrial scale manufacturing, such as China, Brazil and Poland, are doing well.
When the UK was a nation of manufacturers, the country was thriving.”
John continued: “We worry more about the interest rates on debt than on reducing the debt itself, and it is this debt which is used to cover the continued cost of this deficit. Surely, cutting the amount of debt itself, by buying less from abroad, is a much better long term strategy.
“This can be done with investment in jobs, taking people out of unemployment and into manufacturing the country’s way out of financial jeopardy.”
In 2004, John Elliott led the very successful campaign against a Regional Assembly in the North East and he was the Regional Chairman of Business for Sterling the pro-pound business organisation.
John is also campaigning for greater focus on the trade deficit which he believes is under-acknowledged as an indicator of the health of the economy, and the ability of manufacturing to make a positive contribution to the necessary rebalancing.
A website for people to find out more about this campaign is online at www.stopgapuk.com and other manufacturers are being urged to add their voice to the debate.
People interested in getting involved with Mr Elliott can contact Ebac at 01388 605061.
