Although in my opinion, due to its very nature, what we are trying to deal with now has the potential to be even worse. The Great Depression started with a major fall in stock prices whereas the current crisis is health-related, resulting in an unprecedented global lockdown of people with all types of businesses unable to operate or function.
The question then is how do we recover? How do we get businesses and - from my perspective – manufacturing up and running?
The truth is, there is no easy answer, no magic formula that will make our economy bounce back to pre-pandemic times. The Government has taken extraordinary measures to stave off mass redundancies and the amount of money they are throwing about to lessen the impact is staggering.
However, they cannot continue to do that indefinitely, businesses need to get back up and running.
Instead of distributing money to people for not working, they need to look at ways of stimulating the economy. From a manufacturing point of view, adopting all the safe practices in the world and making use of the best technology available is meaningless if there are no consumers!
The Government needs to find ways to incentivise and where necessary, alter existing strategies, or create new ones, especially for automotive, rail and now aerospace.
This crisis has thrown up the importance of manufacturing, it has has shown we need to take back control and not depend on other countries making things for us.
Going forward we need a strategy that secures our manufacturing needs so as to make us a lot less vulnerable. In short we need a GB Manufacturing PLC.