THE main leading economies of the world are out of recession leaving just Britain with negative economic growth. One of the reasons for this state of affairs is that France, Germany, Japan and the U.S. still have an industrial base. In other words their economies have foundations built around the manufacturing industry. Britain doesn´t have anything of the sort anymore and because it relies so heavily on financial services the recession will be much harder in Britain than in other competing nations.
The decline and virtual death of Britain´s manufacturing base is scandalous and both the Conservatives and the Labour Party should take some blame. What concerns me is without any manufacturing how is Britain going to pay its way in the world because I can´t see the financial services market bouncing back in the near future. A future British government needs to start investing in industry again like other competing nations. It is important that the little industrial base that remains in Britain continues. Hopefully, this recession will show whoever is in Downing Street after the next election that if you don´t make anything it's very difficult to make any money. This is a lesson which Britain is going to learn the hard way.