This article was last updated on April 16, 2022
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Prime Minister David Cameron has claimed shale gas extraction through fracking and U.K. government business advisory services will help in re-shoring jobs to boost economic growth.
During the recent years, thousands of U.K. positions have been moved to low-cost countries in the East, especially China and India.
Mr. Cameron has told the World Economic Forum in the Swiss ski resort of Davos that cheap energy from shale gas and a pro-business regulatory climate could aid in attracting more jobs back and turn Britain into the “re-shore nation”.
The Prime Minister has been optimistic that fracking could prove to be a “fresh driver” of U.K. growth, highlighting that it is already “flooring” energy prices in the U.S.
Fracking – the hydraulic fracturing involves deep underground drilling to release a high-pressure mix of water, sand and chemicals to crack rocks and release gas stored inside.
According to the estimations made by the British Geological Survey, the northern England area could have 1,300 trillion cubic feet of shale gas reserves, which may lead to a large economic boost in Britain ensuring the supply of cheaper and more secure energy.
Speaking of the re-shoring of jobs, Mr. Cameron has told the creation of a government advisory service will help businesses in re-shoring.
The fresh move aims to “bringing more of the benefits of globalisation home and ensuring those benefits are felt by hard-working people”.
U.K. Trade and Investment, the trade promotion agency, and the Manufacturing Advisory Service will introduce a service named as ‘Reshore U.K.’ to offer advice on locations etc., with each company having a named individual for thorough guidance.
Recently revealed Government figures are evident that around 1,500 manufacturing jobs have already come back to the UK since 2011. And the new moves will encourage the businesses to move back in Britain for mutual benefits.
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