Read on Twitter
The classic small town / global trade story that few seem to understand and fewer (none?) have an answer for. What happens when a global multinational shuts the main manufacturing plant in a small town? https://www.ft.com/content/c85a6be0-533d-4c57-b5c7-a6084a139a77?segmentId=bf7fa2fd-67ee-cdfa-8261-b2a3edbdf916
Approximately 70-80% of trade is driven by global supply chains, with large companies in all sectors making key decisions with far reaching consequences. How governments influence such decisions is not entirely clear. But the impacts we see as outbursts of frustration and more.
The likelihood is we will see continued closures of manufacturing plants in the UK in years to come, as barriers to EU trade rise and we are too far from potential growth markets in Asia. Our role as specialist services supplier may sustain, but that's not rebalancing.
I'll be writing more about global trade and the UK's place in this in 2021, as I hope will others. Because we need a lot more thinking on the subject, going beyond Brexit or WTO reform or other more fashionable subjects.
A few comments asking about if distance is such a factor why we import so much from China. Firstly, we don't. Fewer than 10% of goods imports. Second, predominantly cheaper electrical products where they now have global competitive advantage. Our strengths are different.
Very important to understand the UK's global economic position. Probably best in the world for services on a per capita basis. Very good at complex manufacturing / with enabled services, but a lot of competition in that field regionally and globally.
Anyway, Barnoldswick is near my old manor, even if nobody else has ever heard of it. Also, little known, is disputed territory between Lancashire and Yorkshire. And finally, an area where one local pursuit is or at least used to be pram races. So an important story.
