The industrial base has, since 2007, offset poor fundementals with higher productivity to produce about the same amount of value. We may well have run out of fat to trim.
The chart at the top shows the UK at 11 in 2011, so it isn't the first time we're outside the top 10 manufacturing nations.
Indeed my mistake. The *second time" since the industrial revolution.
Still quite bad!
The chart at the top shows the UK at 11 in 2011, so it isn't the first time we're outside the top 10 manufacturing nations.
Indeed my mistake. The *second time" since the industrial revolution.
Still quite bad!