The single market benefits manufacturers far more than providers of services. Guess which Britain excels inAt the time it was large,large news. Three days before the general election, official figures showed that Britain’s trade had taken a marked turn for the worse. Government claims that the economy was healthy took a knock.
That was June 1970, and a time when the size of Britains trade gap was front page stuff. Headlines screamed about the UK being back in the red. The TV news bulletins were full of it. Harold Wilson is supposed to have blamed it – along with England’s defeat by West Germany in the World Cup – for his unexpected defeat at the hands of Ted Heath the following Thursday. All this for a trade deficit of just £31m,distorted by the arrival in Britain of a couple of Boeing’s fresh jumbo jets.
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Source: guardian.co.uk