New research from Capital Economics is said to reveal startling statistics highlighting the criticality of the mineral products sector to the UK economy. The Mineral Products Association (MPA) recently launched the Make the Link campaign, which uses some of the research information, and it points out that the mineral products industry supplies over 1 million tonnes of material in a typical day; annual production is 250 million tonnes worth £9 billion (€11.4 billion) a year and it provides jobs for 70,000 pe
New research from Capital Economics is said to reveal startling statistics highlighting the criticality of the mineral products sector to the UK economy.
The Mineral Products Association (MPA) recently launched the Make the Link campaign, which uses some of the research information, and it points out that the mineral products industry supplies over 1 million tonnes of material in a typical day; annual production is 250 million tonnes worth £9 billion (€11.4 billion) a year and it provides jobs for 70,000 people.
The MPA’s Make the Link campaign aims to achieve greater recognition for the essential contribution that “this great industry makes to the UK and its strategic importance to all of our futures.”
Capital Economics estimates that the knock-on benefit of what the sector does supports over £400 billion (€506 billion) in terms of turnover in industries it supplies and over 2.5 million jobs in the economy as a whole.
Nigel Jackson, chief executive MPA, said: “The mineral products industry is an essential, indigenous and major primary producer in its own right, but it is also locked into the DNA of a whole host of other important industries.
“We are the largest supplier to the £120 billion [€152 billion] construction industry, and sectors such as housing and property as well as transport, energy and water all rely on the supply of mineral products of one type or another. In short we are critical to the development and maintenance of UK infrastructure and for the improvement of people’s everyday lives.”
However, MPA says that for such a significant and complex industry, it is no surprise that it has reasonable concerns about the cumulative impact of taxation, legislation and regulation which can create uncertainty and undermine investment.
“It is vital for our economy and growth that such an important, long term and strategic industry is encouraged to continue to invest in the UK and able to maintain security of supply, steadily and adequately,” says Jackson, who points out the industry’s sustainability credentials are strong.
