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Commentary on the need for a proper plan to rebuild the economy

The EEF's manifesto would have had Harold Wilson puffing with glee

There were echoes of all-but-forgotten politicians in the pronouncements about the UK economy from several quarters in the past few days. The EEF’s “manufacturing manifesto” in particular, with its call for a National Economic Council and an Industrial Bank, would have had Harold Wilson puffing his pipe with glee. The ghosts of Neddy, the little Neddies and the National Enterprise Board will have shivered in anticipation of a revival.

The EEF is quick to play down the thought that its ideas represent a return to the days of the grand plan and the machinery of consensus – and, to be fair, its manifesto authors are far too young to remember Wilson, the white heat and the DEA (look them up).

But there’s a sense, not just in Westminster, that there is a need now to revisit the basics of our economy – perhaps an opportunity to do so too, as we are at the trough of the recession and the only way is up (or along).

The fundamental question being asked is what kind of economy we want, assuming we have a degree of choice in the matter. Certainly we know now (if we didn’t before) that an economy based on debt, financial shenanigans and passing the money around doesn’t add value and therefore doesn’t create sustainable wealth, and there’s evidence that politicians on all sides have come around to that view.

In this context, manufacturing, which does the business in terms of adding value, looks attractive as a candidate to play a bigger part in a future economy. There are some difficulties. In 30 years of neglect, we’ve thrown away much of the useful infrastructure that used to help manufacturing firms thrive and we’ve seen companies as commodites to be traded rather than as wealth-creators. How many MX09 winners are UK-owned publicly quoted companies?

But MX proves that it can be done in the UK and that manufacturers are resilient and resourceful. So to become mainstream again, to start to reverse hidden horrors such as the trade deficit, do we need an economic plan? And who should write it?

John Pullin, Editor

Read the related article by Dr John Garside

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© PE Publishing, 8 July 2009

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