View Poll Results: Should more be done to preserve the manufacturing & related industries? [Thanks]

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  • Yes!

    2 66.67%
  • No!

    1 33.33%
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  1. #1
    Join Date
    Jul 2001
    London, Britannia.

    Arrow News/Opinion :: Manufacturing as a sector could "cease to exist" in just 25 years.

    Article extract >> SOURCE : THE GUARDIAN

    'No UK factories' in 25 years

    Ashley Seager
    Tuesday July 12, 2005
    The Guardian

    Manufacturers suffered their biggest raw materials cost rises in 20 years last month, data showed yesterday as a trade union warned that manufacturing in Britain could disappear over the next 25 years.

    The Office for National Statistics said input prices rose a seasonally-adjusted 2.1% between May and June, leaving them 12.1% higher than a year earlier, the biggest rise since May 1985. The rise was driven by a renewed surge in crude oil prices, which jumped 13.1% last month to stand 51.3% higher than June last year.

    Article continues


    Oil prices fell back below $59 a barrel on world markets yesterday, having touched a record high of $62.10 last week on fears that a hurricane approaching the Gulf coast of the southern United States could disrupt refineries and oil terminals. But Hurricane Dennis caused minimal damage.
    The Bank of England, which last week left interest rates steady at 4.75% for the 11th month running, has been keeping a close eye on oil prices in case they stoke inflation more generally. But yesterday's figures suggested that wasn't happening.

    In spite of the big rise in fuel costs, factory gate prices actually fell back 0.2% last month from May, dragging the annual rate of increase down to 2.4% from 2.7%, below the rate of consumer price inflation and the lowest since April 2004. It shows that manufacturers are taking a big hit on their margins because they are unable to pass on cost increases to their customers.

    The Transport and General Workers Union predicted that on current trends, manufacturing as a sector would cease to exist in Britain by 2029.

    The sector has shed one million jobs since Labour came to power in 1997.

    The T&G union gave the warning at its annual conference, where it urged chancellor Gordon Brown, who was in attendance, to give more government support to industry.

    End extract <<

    [i]Full article, no link.

    Although this article considers a possible British "future", this sort of change to the secotrs of a nation's economy is repliated to differieng degrees on a global level.

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    Last edited by Critic; 07-12-2005 at 06:03 AM.
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