Minerals critical to UK economy
New MPA report on behalf of the CBI Minerals Group highlights the significance of UK mineral extraction
A NEW report prepared by the Mineral Products Association (MPA) on behalf of the CBI Minerals Group shows how critical the UK mineral extraction industry, particularly the non-energy sector, is to the economy.
It says mineral extraction contributes to the UK economy by underpinning £235 billion in gross value added, representing 16% of the total UK economy.
And by looking at historical and current production patterns, the report illustrates that minerals are essential, providing the foundations for every sector of the economy by supplying vital raw materials at the heart of UK growth.
The report follows and complements the recent report published by the UK Minerals Forum, ‘The Future of our Minerals.
Together, these two reports aim to set the scene for the development of a UK Minerals Strategy, which will be published in 2016.
New findings in the latest report reveal that:
- UK minerals extraction generates a turnover of £15 billion, and £5 billion in gross value added (GVA)
- Including products manufacture and direct markets, UK minerals generate a GVA of £235 billion – 16% of the total UK economy
- Minerals extraction directly employs 34,000 people, and supports 4.3 million jobs through its supply chain.
Nigel Jackson, chief executive of the MPA and chair of the CBI Minerals Group, said: ‘The mineral extraction industry is vital to the economy and our way of life. Minerals are essential, representing the largest material flow in the economy, and should not be taken for granted.
‘It is hoped that by developing a UK Minerals Strategy, the role of minerals and their contribution will finally be recognized and valued by government and all stakeholders, and that the industry can influence a shift to a more positive perception of what it does.’