A group of Tory MPs is calling on the Government to promote using resources in a better, more efficient way for a “quick economic win”.
The subtly ‘green’ message from the 2020 Conservatives, a group of ‘modern’ green Tories, is part of a report which claims eliminating waste from business is an underrated route to boosting profits for manufacturers by 12% a year.
The ‘Sweating Our Assets’ report to be published tomorrow will suggest there could be more than 300,000 new jobs in the remanufacturing sector.
It will claim the economy can no longer be judged on top line sales alone but instead on profitability, using resources more wisely and “improved efficiencies”.
Other findings suggest the UK could find £3 billion in savings from avoiding landfill costs and not throwing away valuable materials.
The MPs want policy makers to look at the example of some of the country’s largest manufacturers in the UK which are working on “remanufacturing”.
Laura Sandys MP said: “Normally productivity means focussing on labour productivity but this report rebalances the debate from labour productivity to resource productivity. In addition it calls support for a new growing business sector called ‘ReMade in Britain’ – thereby ensuring that resources are regarded as assets with a second and third life.”
Matthew Bulley, Managing Director at Caterpillar which contributed to the report said “significant potential” exists within the material efficiency and “closed loop approach” to the UK economy.