A brief overview of Britain's relative manufacturing demise spanning three decades also accompanied by sheer financial inebriation.
As the country's industrial heartlands were being ravaged by successive factory closures, the City in London bragged about its financial prowess. As if it could on its own lastingly represent a substitute for production of tangible goods.
As the country's industrial heartlands were being ravaged by successive factory closures, the City in London bragged about its financial prowess. As if it could on its own lastingly represent a substitute for production of tangible goods.
I never could understand how a nation of solid manufacturing credentials dating back to the 18th century seemed wilfully contented - at the highest levels except for a few disgruntled voices - with its new-found role as one of the world's financial hubs.
Not the sophistication and volume of financial services - Britain was always known for them - but its increasingly unchallenged dominance as if the rest of the economy could simply be sidelined irreversibly condemned to decline.
After all if China and other low cost producers would happily become manufacturing powerhouses why not surrender without a fight to overwhelming evidence of economic sense(?).
Most of those who made decisions over the years will have thought no further than immediate profit, cost and scale while politicians patted on their backs unaware of far-reaching looming consequences.
Not the sophistication and volume of financial services - Britain was always known for them - but its increasingly unchallenged dominance as if the rest of the economy could simply be sidelined irreversibly condemned to decline.
After all if China and other low cost producers would happily become manufacturing powerhouses why not surrender without a fight to overwhelming evidence of economic sense(?).
Most of those who made decisions over the years will have thought no further than immediate profit, cost and scale while politicians patted on their backs unaware of far-reaching looming consequences.
The UK's economy's weakness is now fully exposed.
Facing an appalling trade deficit and insufficient yearly revenue from the mighty Services the country's current account balance threatens to remain permanently in the red. That means seeking external finance to fill the gap adding to the already massive public and private debt pile.
Facing an appalling trade deficit and insufficient yearly revenue from the mighty Services the country's current account balance threatens to remain permanently in the red. That means seeking external finance to fill the gap adding to the already massive public and private debt pile.
How short-sighted it was not to have sought the commitment from Britain's top businesses to continue to mass-produce at home first and foremost.
If the economic model has not not fundamentally changed from the 80's - consumption of durables is still key - will it ever be less than relevant where goods are actually made?
If the economic model has not not fundamentally changed from the 80's - consumption of durables is still key - will it ever be less than relevant where goods are actually made?
Giant or no giant companies the UK needs to reinvent itself tracing back to its industrial roots what truly put Great before Britain.
Rebalancing the UK economy is the only way to address structural imbalances reflected in the macro facts and figures that have now become ingrained in the British set-up.
Rebalancing the UK economy is the only way to address structural imbalances reflected in the macro facts and figures that have now become ingrained in the British set-up.
It takes time, investment, policy and a vision for the country in the years ahead.
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