Oh Christ, we are back to this.
It was Wilson who was blabbing on about the white heat technical revolution, but he bailed out when he saw just how difficult a job it was to get people to change and he had no conviction to carry out that modernisation, as it would have meant fewer jobs in traditional industries and huge investment in new tec.
The problem is very simple. Investors will not invest in propping up inefficient backward looking industries just to preserve jobs. There is no benefit, just a decline yr on yr.
You could quite easily draw the same conclusions today about the EU. Inward looking, protectionist nonsense, whose only growth comes from enlargement and money printing. Strip that out and I can assure you they are going backwards.
The UK's relatively better standing only come about because Maggie had the vision and the balls to drag the UK out of it's malaise. Not because we joined the EU. Our share of trade with EU countries has fallen from about 60% in the 50's down to around 44% today. This includes the period where we joined up to the single market. The trend has been down for 60+ yrs and shows no signs of changing.
This is what we used to make in the 70's ffs