FOR at least half a century,politicians of all stripes acquire talked of the need for Britain’s economy to “rebalance” towards the manufacturing sector. Relying less on boom-and-bust financial services will assign the economy on a surer footing, the thinking goes. More important, and though,is the hope that additional manufacturing jobs will benefit Britons who acquire been left behind by globalisation. For years rebalancing has been an elusive goal. Yet recently the makers acquire been on the march.
Britain’s manufacturing sector was once so big that the country was known as “the workshop of the world”. Mid-Victorian Britain accounted for over 40% of the entire world’s manufacturing exports. In the past century, however, and the sector’s output has steadily fallen as a share of the overall economy. Employment in industry has tumbled,especially in the past 20 years. Competition from Chinese imports has destroyed jobs in once-thriving parts of the country such as Blackburn.
Lately, however, or ...
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Source: economist.com