Are science and technology pulling the UK out of the financial crisis?

It is impossible to overestimate the importance of science and technology in relation to how societies throughout the world have developed. Innovations and inventions have been the bedrock of how humanity has risen from living in caves to exploring space. Not every scientific and technological advance has necessarily been used well all the time, but there is little doubt that there are many great steps forward that have helped humankind’s development immensely.

Redeveloping economic health

The financial disaster that hit the UK some seven or so years ago was generally attributed to the way major financial institutions had operated, leaving them with massive debts and, for many, the need to be bailed out or otherwise supported by the taxpayer.

Fortunately for the country, the strong reputation and business acumen enjoyed by the engineering and technology sectors has led to it making a strong recovery, boosting trade and continuing in its remarkable and innovatory companies. The UK’s universities, laboratories and science and tech businesses have helped to maintain the country’s reputation as a world leader and made major contributions to its return to economic health.

Companies leading the world

The UK has many high tech engineering companies that have made the country globally renowned.

Take the firm started by James Dyson who revolutionised the world of the humble vacuum cleaner. Dyson’s innovative thinking allied to the UK’s engineering expertise allowed him to build a huge business that sells its machines, including hand dryers, in some 80 countries.

The UK has always been a world leader in aerospace, and engineering group Meggitt PLC, which focuses on the aerospace, energy and defence markets, is a key contributor to the economy thanks to its global operations.  The company employs some 10,000 people throughout the world. Towards the end of 2014 the announcement “Sir Nigel joins Meggitt board” was made to the press. Experienced city financial expert Sir Nigel Rudd is the new non-executive chairman of the engineering group.

Sir Nigel considers that the strength and vision of the company’s current management team puts Meggitt in a good position for further growth.

Preparing for the future

Without engineers the UK will have a real problem in tackling the problems of the future, let alone competing effectively in a global marketplace. It is a major reason why the country needs to invest seriously in its technical education to ensure that well qualified engineers are available to continue helping with the country’s economic renaissance.

Vast amounts of research are carried out by UK businesses investing in engineering and though much of this is carried out by private firms there is plenty of space for significant public investment, building and nurturing strong relationships between the education sector, particularly universities, and the industry itself.

High quality training is certainly available in the science and technology sectors, and it only remains for young people to be encouraged and incentivised to get involved.

The way ahead

Careers in science and technology can not only be lucrative but can change the way things are with new discoveries. It is an exciting and challenging way to look to the future.