Vince Cable: UK business 'off-shoring went too far'

Business secretary Vince Cable has said that "off shoring went too far" in the UK, adding that British firms are increasingly 're-shoring' work back to Britain because of a "cost advantage" and "less uncertainty".

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Textile firm bringing back jobs from China to Britain

A textile manufacturer on Merseyside is closing down some of his Chinese operations and bringing jobs back to its UK operations.

With wages rising in China, and better quality in the UK offering, the firm's boss Tony Caldeira said he is downsizing significantly in China and will offer extra jobs in Liverpool.

Read: Vince Cable: UK business 'off shoring went too far'

Tonight: Is Britain Back in Business? is on ITV tonight at 7.30pm

Vince Cable: UK business 'off shoring went too far'

Business secretary Vince Cable has said that "off shoring went too far" in the UK, adding that British firms are increasingly 're-shoring' work back to Britain because of a "cost advantage" and "less uncertainty".

He said: "I talk to a lot of companies across the country and it is very clear that the stuff that used to be produced overseas in Asia is now being produced here. It is a mixture of things.

"[British Companies] are simply finding cost advantage in producing in Britain: There is less uncertainty; all the disruption that potentially comes from bringing things from the other side of the world; exchange rates are more favourable; and they would rather deal with a British supply chain.

"That's positive and it's something the government is encouraging through our industrial strategy."

Read: Vince Cable: UK business 'off shoring went too far'

Tonight: Is Britain Back in Business? is on ITV tonight at 7.30pm