With uncertainty over a potential second lockdown and the continuing Brexit negotiations, attention has once again turned towards the prospect of reshoring, and how that could potentially help the UK manufacturing industry recover.
Reshoring involves the returning of the manufacturing of products for UK businesses to the UK, rather than seeing products made abroad, and is often touted as a solution for strengthening the manufacturing industry in the UK.
The uncertainty of the current situation is combined with growing unease over the reliability of China as a host for business, due to both the effect of Covid on global supply chains, and worries about the potential fall-out of trade sanctions being imposed because of the American-Chinese trade war and global concerns about the security of technology.
Paul McFadyen, Managing Director of metals4U said: “Reshoring will bring a larger portion of the market share of manufacturing to the UK economy, while helping to strengthen innovation and opportunities for the UK workforce. Increasing our domestic manufacturing output will empower our labour force to develop new skills in technology and manufacturing.
“It will also help to rebuild communities where manufacturing was once strong by offering new opportunities across the nation, reducing unemployment, and increasing vigour in supply chains. These benefits will be wholly delivered to the UK economy rather than being consumed by the economy of the ‘host’ nation.”