10 Reasons Brexit Is Good For Manufacturing & Engineering : Forget Brexit means Brexit. Brexit means prosperity, jobs and opportunity, a thriving economy and, importantly, a strong manufacturing and engineering sector in the UK.
The Brexit hangover is affecting everyone differently, and while many are thrilled with the result there is still mass concern over how the referendum will affect people and their businesses. Although people have the right to worry it can be easy to forget there are many positives that come with a big change, even if they might not be immediate. So here are the top ten reasons Brexit is a good thing, and how it will positively impact the manufacturing and engineering trades…
Itâs important to remember the facts: in order to keep people in jobs and raise wages of workers, there has to be a competitive economy. Britain is firmly rooted in that competitive economy and while Brexit may have had an effect on the sterling, the economy industry remains for the UK. South Korea, miles and miles from the EU has a prosperous nation that exports in electronic goods and cards on a global scale (including the EU) while Greece is a full EU member and is fundamentally uncompetitive, which has lead to various financial problems within the country. For engineers and manufacturers the concept of leaving the EU does not mean workers are under immediate threat, there are still accepted in that competitive economy which is exactly where they need to be!
Britain has the pound. The pound may look like a poor coin once loved now forgotten and is becoming increasingly `worthless` but the fact remains the pound has never quite suffered the existential crisis the Euro has and is likely to suffer again. The diplomatic pressure to join the Euro would eventually intensify (again) while without it manufacturers can use the pound to their advantage, even though the sterling has been depreciated and devalued it remains a staple part of british business.
Trade deals with other countries may be easier to win! Britâs have an ability to negotiate and agree, we’re not a country to quarrel and can raise points in a professional manner that often works in their favour. Britain has traded with the world while in the EU and before the EU was invented, and can do so again!
Britain can still have immigration. Immigration is a touchy subject, but Eastern European immigration raised British economic growth and made the country richer. Issues arise with political and personal acceptability, and the worry of economic costs outweighing the benefits. Britain can benefit from opening its doors to a worldly culture, engineers are in fear that their skills are lacking against other countries and bringing people from different backgrounds with different knowledge could have huge advancement on British industry. On a more general note Britain can create planned, rational immigration laws that can bring nurses from Zimbabwe, refugees for Syria, students from China and builders from Albania all of whom help to keep Britainâs work ethic and economy strong and competitive.
We live in a venerable and stable democracy. While this may seem a little pompous, not all of Europe has the political stability others do. The monarchy is a visible and worldly known symbol for British democracy and economy that leave plenty to be desired and leave an interest lingering in Britain and British businesses.
Manufacturers will have more freedom. The EU has become more regulating and centralizing which is the exact opposite of what the world needs in terms of jobs and future success. Countries wishing to succeed in the future global economy need to be flexible, adaptable and in control of their own destiny. Brexit will actually allow this to be a lot more accessible than remaining in the EU would, certain EU laws override British laws and Britâs no longer have to worry about that problem, they can have and use their own laws in a diplomatic society where workers have a say in how their industry works.
The EU needs us more than we need it. Systems and businesses are supposed to operate within the blocâs Single Market mechanism as an EU member. This is a one territory zone without internal borders, which essentially means all those in the EU must operate as one trades unit. Operating as one sounds like a utopian ideal but sadly the system has not worked, at least not for the UK. Britainâs growth performance has had more in common with the economic recovery in the US than the Eurozone which essentially means we donât need the EU to have successful trade deals, they need us. This is great news for manufacturing and engineering establishments who have more free reign over their trade and can increase sales more than in previous years.
The EU is not doing well. When Britain joined the EU in 1973 economy was booming, with the EU making up 37% of gross domestic product (PDC) whereas by 2025 the EU will only account for 22% of GDP and is falling more and more behind other competitive countries. Greece (sorry to use it again) is a solid example of what can go wrong. This means by leaving the EU manufacturers and engineers have the chance to excel and make a difference not only within the establishments, and not only for the UK but for the world PDC!
Britain is still sitting pretty! Even with the brexit blows, unemployment stands at a mere 5.5%, wages are rising and people are being able to access the housing ladder easily. Britain is one of the key financial centres in the world and now has the chance to hugely improve that status, businesses need to realise that and use to their full advantage!
Britain has the freedom to decide its own destiny. This has been touched upon already but it really is vital to remember it! Britain has control of its own borders, does not have to listen to EU judges or obey the tsunami of directors in Brussels. (Who have a curvature law on bananas!) Britain can make its own laws, set its own taxes and have complete negotiations over its own trade deals, which is a win-win for both country economy and business economy. Britain will remain a key player on the world stage!
There are endless debates for both sides of the argument, but within the worry it is easy to forget how much potential there is within British economy and British business. The next year and so on offer huge and exciting opportunities for Manufacturing and Engineering companies as more people are starting to see the light at the end of the Brexit tunnel.