UK risks losing its place in economic hierarchy: Lord Paul

London, Jun 22:

industrialist Lord Swraj Paul has asked British government to take a more realistic approach to ensure economic growth, warning that the country risks losing its place in the global economic hierarchy if its current policies and programmes fail.

Speaking at a debate on 'Government Growth Strategy' in the House of Lords here last evening, he said: "If the current policies and programmes fail, this country will continue to lose its place in the global economic hierarchy.

That is why I urge the government to take a more realistic approach to economic growth and sectors that can contribute to it." While appreciating the efforts made by the government to formulate a strategy for growth, Chairman of Caparo Group Lord Paul said that "manufacturing industry has seen little progress despite much talk."

Lord Paul said: "Many of those involved in UK manufacturing sometimes wonder whether the Government has a strategy for growth, given their enthusiasm for austerity. It is a tribute to the continuing efforts of both the workforce and management of British manufacturing that so much has been achieved in the face of economic adversity - our car industry is a shining example.

"Yet, my overall sense is that this cornerstone of our economy and our future has been neglected in Britain for far too long.

"This must now change if we are to reassure those involved in manufacturing industry of their worth and ensure that our most able engineering graduates are not tempted away by the bright lights of the City and the financial markets. Manufacturing is still a solid activity providing stable jobs and long-term careers that can embrace the latest thinking in design and technology."

PTI