John Elliott, founder of Ebac Ltd, has told academics and industry experts that he would “suspend innovation for a year”. Delivering a keynote speech at the National Manufacturing Debate 2013 at Cranfield University, Mr Elliott said the move would drive UK manufacturing forward by placing the focus upon goods people in the country consume.
The National Manufacturing Debate is an annual event which brings together professionals from a range of sectors to discuss and debate current challenges in the industry, and encourage long term growth.
Mr Elliott was a panellist in the debate, alongside a range of experts from across manufacturing. Other guest speakers included Michael Fallon MP, Minister of State for Business and Enterprise.
Mr Elliott said: “There are two ways of living within our means. One is spending less, which we are trying to do, the other one is making more, and that’s what we need to do and where manufacturing comes in.”
He added that people in the UK buy “cheap” imported goods, they actually also pay the unemployed worker in this country who could have made the items, but is instead receiving benefits.
“We’ve got to stop kidding ourselves that we are getting cheap jeans from China because we are paying for the guy who could’ve made them anyway, so it is costing us twice,” he said.
“The UK household spends as much money in one year on washing machines as the entire world spends in two years on Rolls Royces.
“We have got to look at the simple stuff, we have got to look at the boring things that we all consume on a day to day basis. If I had a wish, if I was King for a day I would suspend innovation for a year. Innovation to me is the cherry on the cake but we haven’t got the cake.”
He added: “It is vital that something is done to bring global trade into balance and one option which should be seriously considered is adjusting currencies to create a level playing field.”
Mr Elliott also slated the current economic model in which people in countries such as China work to produce goods which they cannot, themselves, afford.
“It’s not only financially stupid, it’s immoral,” he said. “Our economists talk about stimulating demand. We don’t want to stimulate demand, we want to stimulate supply. The Chinese need to stimulate demand. Why shouldn’t those people benefit from their hard work?”
