With the recent news that the UK is indeed in the grips of a double dip recession, experts say that instead of focusing on austerity, we should be ‘buying British.’ Since this is the first the nation has faced in four decades, economists believe many people alive today don’t remember what it took to work our way out of those bleak financial times of the past.
Instead of avoiding spending at the shops, it is important to rethink where money is being spent. It is their consensus that the only way to improve the economy in the UK is to buy products made in Britain. This benefits everyone all the way down from the end consumer to manufacturers, suppliers, distributors and retailers.
Chief economist Simon Wells at HSBC believes that it is all too easy to get disheartened with news such as the current rate of inflation, the lack of jobs and benefits being stripped bare. Wells said there is no reason to panic but as consumers gripped by conditions which are worsening by the day but it is difficult not to fear the future.
In the face of all this adversity there is a way out, according to the HIS Global Insight’s chief UK/European economist Howard Archer. He contends that the solution is simple and that consumers should make every effort to keep their money in the UK. This means buying everything from clothing to major appliances and vehicles from UK producers.
Archer believes that consumers can help lead the way out of recession by spending money here in Britain. Rather than stowing money away for the future, it is better to continue as usual with one main change – buy British. This doesn’t mean buying high end fashions and top of the line electronics. What it means is taking the time to seek out local farmers for produce and purchasing clothing made right here at home. Yes, it will take a bit more time to shop but in the end the money will stay right here to improve our stagnant economy. Austerity isn’t working so it is up to the consumer to put their money where it counts and that is in our own economy.
