In the 21st century, the UK must overcome some serious challenges to stay competitive and meet demand for resources:
- Resource price volatility is at a historic high
- Global competition for resources is rising
- Environmental limits rule out simply expanding supply
The UK is lagging behind on action to improve resource security and productivity compared to other leading industrialised nations, like the US, Germany and China. The report highlights the risks to businesses and analyses the pros and cons of six potential new institutional arrangements for the UK to address the problem, including the possible creation of an Office of Resource Management or a new Department for Natural Resources.