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I understand the sentiment but it's a little harsh to say Thatcher moved the UK economy from manufacturing to service industries (although that seemed her inten
by youngtaff 9y ago
I understand the sentiment but it's a little harsh to say Thatcher moved the UK economy from manufacturing to service industries (although that seemed her intent).
From 1970 - 1980 the percentage of GDP from manufacturing fell by 5%, from 1980 - 1995 it then fell by another 5%
https://fullfact.org/economy/did-labour-decimate-manufacturing/ https://fullfact.org/economy/did-labour-decimate-manufacturi...
- keithpeter 9y agoAgreed, perhaps I should of said 'nudged the rudder in the direction of services' and later governments rolled with the course change as the path of least resistance. PS: the geographical distribution of those GDP share reductions might bear investigation. The kinds of jobs available in the Black Country changed radically in the 1980s.
- youngtaff 9y agoI think manufacturing has been in decline since the late 50s but can't find data to back that up. One of the challenges I see is that most of UK manufacturing has gone high-tech and become more automated so less opportunities for people in sheds!