PRIME minister David Cameron says that Britain and the West have an opportunity to boost their economic fortunes by luring back jobs and factories from Asia, a trend he says is already underway.
Speaking at the World Economic Forum, Mr Cameron said rising costs in Asia and the need to react more quickly to changing consumer demands mean companies find the prospect of relocating jobs and services back to their home countries attractive. Manufacturers welcomed his comments. Andy Tuscher, northern director of EEF, said: “It’s positive to hear the Prime Minister talking about the importance of industry again.
“Recent evidence that companies are choosing to bring activity back to the UK is really positive and to be encouraged.
“For companies looking to get the best input from their suppliers and collaborate with customers the UK has some real strengths. To anchor the capabilities we’ve got and, be a leading destination for investment in new capacity, it is vital that government puts more effort into creating the best economic environment.
“The good work being done in addressing our skills system and, to support innovation for example, must not be undermined by self-inflicted, unilateral action on energy taxes which threatens future investments.”