The UK needs to focus on “real” engineering such as the automotive industry, rather than the financial sector, in order to beat the recession, according to former McLaren F1 team boss Ron Dennis.
Dennis, Executive Chairman, McLaren Group and McLaren Automotive, was speaking at an automotive industry reception at the Houses of Parliament.
Read the full speech transcript
He believes that boosting the UK’s manufacturing output is the best way to secure long-term sustainable growth for the economy. “If we do not build our industrial market [share], Britain will simply be unable to generate the growth and wealth it needs to ensure a return to prosperity for our people,” said Dennis.
Dennis said that since the early 1990s the UK has focused too much on financial services, neglected manufacturing and has now fallen behind its competitors.
Read Steve Cropley's blog on Dennis's speech
He cited the example of Japan where the government has aggressively invested in research and development – a step that has seen Toyota top the car manufacturers' global R&D league table with an annual investment of £6.4 billion.
Dennis called for a four-point plan to boost British industry revolving around education, investment in R&D, greater participation between companies and government, and "daring to be different".
Read the road test of the groundbreaking McLaren F1
He added: “It is up to all of us, as employers, as colleagues, as parents and as a government, to reignite in young people a sense of passion in studying science, technology, engineering and maths, in order to open up more employment opportunities in those areas.
He suggested that science graduates be reimbursed part of their student loans after they have worked in a British-based science or engineering role for three years.
This would be paid for by tax concessions against profits for the companies employing the students.
McLaren Automotive was formed in 1989 and is responsible for the McLaren F1 and the new MP4-12C.
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Re: Dennis wants "engineering focus"
Well, the UK still has the 5th biggest export economy in the World. The 6th if you strip out financial services.
I work in film special effects. We make things for films shot all over the World. There are thousands of companies exporting from the UK in many sectors.
Re: Dennis wants "engineering focus"
Well said including..." UK is a banker's fiefdom and will probably ever be thus."
And so is this western (+east...china/Japan/Taiwan/Singapore/India) fiefdom ever be thus. And the only places we can even read about such truths of our actual plights is on far corners- completely off the beaten path, of the net such as here.
The last bits of journalism pouring out before quality assurance puts such offense to rest. j
Re: Dennis wants "engineering focus"
Dont really like Dennis, but he is correct... Its a shame that nuthing is neither engineered nor manufactured here at the moment....at some point people around the world were buying anything with a 'Made in England' badge but now.......nuthing all we make is pet insurance policies. As an engineer who works in the UK, i feel undervalued..overworked and looking for a job overseas at the moment...... im afraid its a bit too late for what Dennis mentioned, i think it will take guts and alot of time and investment from the government to change this, and it will take decades. moreover the whole country need a change of attitude towards scientist and engineers, they need to be more respected like in Germany or Japan not dismissed by a society who glorifies talentless celebrities.