But despite this, the attention fostered upon it by the government has always been minimal. This could be taken as a compliment; maybe the industry’s continued growth and success meant it didn’t need looking after? But it could also have been detrimental to the country’s economic output as a whole. For a period spanning three centuries we have constantly been told that manufacturing is top dog; ever since the Industrial Revolution sparked a nationwide love affair with machinery and production we have viewed it through rose-tinted spectacles. This has blinded us to the fact that this is a history, that while fondly remembered and celebrated, has no place in modern economic strategy.
It is a widely accepted fact that production is, and should be, outsourced to countries that can do it cheaper and more efficiently. Yet economic policy has determinedly continued to focus on nurturing this collapsing base of the UK economy. Like building a house on sand, the outcome is never going to be favourable. We must accept that as a country, manufacturing (with the exception of complex engineering and technology) is no longer our speciality. We are now reverting to being a nation of innovators, thinkers and intellectual explorers - the very attributes that fired the starting pistol of the Industrial Revolution - and not producers, so our economic strategy should reflect this.
The Advertising Association revealed in its Advertising Pays report (released 31st January) that advertising is worth £100bn per year to the UK economy. Thanks to the country’s combination of economic prowess and active celebration of free-thinking, advertising’s reputation precedes it when it comes to marketing prowess. Throughout history the UK has been the driving force in creative thinking across all aspects of life and so it is fitting that this industry should be the one to save us in the current economic crisis. The numbers speak for themselves: £6 generated for the economy for every £1 spent on advertising, over 500,000 people working in the advertising industry, £76bn of sales driven by advertising. Such figures can’t be ignored when the economic outlook remains gloomy.
Britain’s position as a leading creative marketing hub on the planet, alongside New York, can help begin a new era for the UK economy, one that nurtures and treasures the value of ideas rather than merely glancing in their direction.
The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views of The Economist Intelligence Unit Limited (EIU) or any other member of The Economist Group. The Economist Group (including the EIU) cannot accept any responsibility or liability for reliance by any person on this article or any of the information, opinions or conclusions set out in the article.
