• Privacy policy
  • T&C’s
  • FAQ
  • Meet the Team
  • About The London Economic
  • Advertise
TLE ONLINE SHOP!
NEWSLETTER
SUPPORT THE LONDON ECONOMIC
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Business

How the UK Economy Can Grow With Big Engineering Projects

The engineering sector has been a cornerstone of the UK’s economy over the years, and will be a factor in building the nation’s prosperity as Britain braces itself for a new future. A lot has gone down in the sector and there is a number of issues to be addressed if the economy will see […]

Sam Allcock by Sam Allcock
February 8, 2018
in Business, Economics, Finance

The engineering sector has been a cornerstone of the UK’s economy over the years, and will be a factor in building the nation’s prosperity as Britain braces itself for a new future. A lot has gone down in the sector and there is a number of issues to be addressed if the economy will see growth in the coming years.

Presently, in terms of Gross Value Added (GVA), the contribution of engineering to the UK’s GDP is 26% – more than that of the financial and insurance as well as retail and wholesale sectors combined – according to analysis by the Centre for Economics and Business Research(Cebr).The analysis put the figure contributed by the sector at £486 billionin 2015.

But the future may look different as the global economy continues to evolve, engineering innovations continue to soar, competitiveness on the global market keeps rising, and political issues currently besetting the UK continue to look more uncertain. However, with the proper strides in the engineering sector, the British economy can enjoy sustainable growth.

How will Engineering Contribute?

Engineering is a broad umbrella term itself that covers different principles and engagements. Aspects of engineering that can impact a country’s economy includes civil engineering, Chemical engineering, production and manufacturing, mechanical engineering, alternative energy production, construction, aerospace engineering and a host of others according to what is being practiced in said country.

Major engineering projects would facilitate prosperity by smoothening the path for other economic processes, not to mention the good it does for UK based heavy equipment manufacturers. Good transportation networks for example, will increase workforce mobility which will go a long way in boosting productivity; good internet coverage will increase efficiency; great building engineering and sanitation will improve quality of life; the list goes on. The importance of engineering permeates almost every other sector that contributes to the economy.

When implemented effectively, these factors will combine to make the country look appealing for foreign investments, increase their productive competitive edge in the global market, and ultimately boost prosperity.

RelatedPosts

KPMG UK chairman quits after telling staff unconscious bias is ‘complete crap’

‘Worst economic crisis of any major economy’ as UK economy shrinks at fastest rate for 300 years

Why Amazon is set to earn billions from Brexit

UK to be worst-hit G7 economy in first quarter as 2.5 million could be unemployed by end of year

Embracing an Engineering policy worthy of the future

The UK economy is currently facing one of its greatest tests as political pressure continues to mount. Think tanks continue to forecast poor economic growth in the coming years and general confidence is running low. Experts have concluded that a major step forward will be empowering the economy through major engineering projects.

The Autumn budget rolled out by Phillip Hammond in 2017 has been touted as a boost for the industry and a positive budget for engineers due to issues addressed and funds targeted at certain engineering projects like the infrastructure for electric cars. It is however important to note that a large amount of the UK labour force comes as a result of the EU’s free movement policy. Therefore, tackling labour issues connected to engineering will be a right step in the right direction.

Also, in order to stand a chance in the global market when it comes to engineering, the UK should embrace the latest trends in science and technology, foster education and apprenticeship in the sector, and shape out a positive deal at the Brexit negotiations table.

According to the Cebr, engineering activity has a wider employment multiplier effect than most sectors, with each engineering job supporting another 1.74 jobs. This shows that, untop of the jobs engineering projects has to offer, there will be positive ripple effects in other sectors in terms of more jobs. The sector currently employs 5.7 million people, and the number will only rise if bigger projects are embarked on in the coming years.

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Support fearless, free, investigative journalism Support fearless, free, investigative journalism Support fearless, free, investigative journalism

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending fromTLE

  • All
  • trending

What If We Got Rid Of Prisons?

Stress, fear and homelessness: The threat looming over families confronted with eviction

File photo dated 07/11/03 of a prison cell.

The Other Prison Pandemic

Latest from TLE

Credit;PA

HS2: Final activist leaving Euston tunnels raises peace sign as they are lifted into Ambulance

Elevenses: Thatcher’s ‘Personal Society’ Persists

escape to the country 2021

Escape to the country: Best Places to live 2021

Devastating scale of Johnson’s plan to save Xmas revealed

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

Contact

Editorial enquiries, please contact: jack@thelondoneconomic.com

Commercial enquiries, please contact: advertise@thelondoneconomic.com

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Lifestyle
  • Food
  • Property
  • Travel
  • Tech & Auto
  • About The London Economic
  • Meet the Team
  • Privacy policy

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.