The thing is about Britain, due to its geographical position, it enjoy the enormous opportunity of being "the Middle man" we enjoy the fact we are the vital route between Europe and America, thus, for us it would be very easy to fortify our shipping position by increasing the percentage of that trade we actually produce. For example, we could import European electronics, and substitute them with British casing, with British applications for an American audience.
This would allow us to have an economy that, given the right management, would tower over other European competitors, and allow Britain to once again become a lead power with in the European environment. Furthermore, industrialisation would solve a lot of the social, and world problems the country faces, such as mass unemployment, a diminishing world position, and reliance on the USA.
I hold the view that the UK should re-industrialise. The Labour MP and historian Tristram Hunt of the independent think tank Civitas, says that companies are showing a willingness to reverse the trend of offshoring and are exploring ways of relocating manufacturing operations in the UK.
Naturally there are many challenges in bringing about re-industrialisation but also many great benefits, such as more and better jobs, stronger communities, a chance to improve our balance of trade deficit, and a chance to move Britain's economy away from the service and financial sector that it has become so reliant on.
The question is of course, how will this be done? "The future of manufacturing emphatically high skill. However, if we get the policy right on skills, apprenticeships and on the job vocational training, manufacturing offers far more scope for post-educational social mobility than the service sector"-Dr Hunt
I personally believe that the UK should look to put a higher tax rate on that off imported luxury goods and increase subsidise on that on the manufacturing sector of our economy (protectionism).
This is a matter of practicality. I believe any attempt at re-industrialization for the UK will end in failure. Workers in the UK will inevitably demand higher wages, and local businesses would lose profits. Implementing protectionism will discourage investors from investing in the country as capital is highly selective. Additionally, protectionism can only work in the short run, as in the long term it can erode a country's competitiveness. The only tangible solution would be to lower workers' wages, but then most UK citizens will scream "human rights"!