A Week of Buying British - Can it be done?
Did you know that the UK spends over £4 billion every year on imported goods? Most of this money ends up back in overseas banks rather than benefiting our own economy. Can we buy more British goods? Read more about the Telegraph's business reporter Elizabeth Anderson who tried to spend a week buying only British goods... you might be amazed!
“How hard can it be” were Elizabeth Anderson’s famous last words when she took on the challenge to limit her week to buying only British goods from British companies. Its not even 8am on Monday and already she has failed to buy only British. The stark reality that quintessentially British products like Weetabix and Twinings are now owned by foreign names means that more and more companies are increasingly aware of the value of the “Made in Britain” label than ever before.
A challenge more difficult than imagined, the British public are more conscious than ever before about where its products come from. It is the relationship with the origin of their products that is a complicated one. Being a nation who are historically proud of its heritage and produce, and one where the interest of buying British is there, it was harder than imagined due to the simple explanation that nobody knows a definitive answer of what exactly constitutes to being British.
What counts as being a British product?
Read Elizabeth Anderson's Article Here
Can it be done?
After reading Andersons feature it was clear from the get go that her mission was easier said than done. Perhaps the most interesting thing throughout this feature is the increasing knowledge that many products, including some big household brands we assume are still British, no longer are. Although this patriotic odyssey by The Telegraph is more relevant than ever before, with the 2016 referendum, it is a trend that throws up lots of questions. What counts as a British product? Is it enough that the company is British owned? Or should they also make their products in the UK? And perhaps more importantly, does it really matter? Some experts claim Buying British helps at a time when the economic recovery remains fragile, giving businesses the means to employ more people which in turn boost the local and national economy.
How does this apply to Ebac?
In 2012 Ebac Limited was placed into a foundation that is committed to keeping the business in the UK. What this means is that all profits are reinvested back into the company to generate growth, provide jobs and support local communities. There are no private or institutional shareholders, which means Ebac does not have to pay dividends and the shares cannot be sold. This then allows the business to take a long term view and invest any profits into the development of the business. And while Elizabeth Anderson highlights the importance of buying British, the love of British Made comes down to a patriotism that remains a priority – even through a challenging economic climate. Supporting our own and taking pride in the products we make is something we think is important.