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Anorak | Oh woes, the UK doesn’t make anything any more! Good – we’re winning

Oh woes, the UK doesn’t make anything any more! Good – we’re winning

by | 1st, February 2012

THE UK does not make anything any more. This isn’t, in fact, quite true. UK manufacturing output peaked in 2005: yes, really, manufacturing output was higher whan Maggie left office than when she entered, when Major left office than he entered.

What has fallen is manufacturing employment and this is a good thing. It’s happening because of rising productivity: we can now make more things with less labour.

So, what then happens? Well, that labour is then free to go off and do other things. This makes us richer because we now have both the manufacturing and whatever it is that is created by that newly freed labour.

Like, perhaps, this :

 ARM, the eponymous designer of the chip architecture, had a stonking 2011 with revenue and profits up as it tightened its hold on both embedded and generic

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Posted: 1st, February 2012 | In: Money Comments (3) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink