UK Finance......

[SirGalahad]

The UK's manufacturing industry was ****ed long ago, and that has been predominatly by the left and the unions. It certainly was not an asteroid to kill the dinosaurs this time that's for sure.

So the problems of today, and the future are not casued by any move of the financial sector, but by past events and those responsible for them.

BTW, the infrastructure for financial dealing that exists in London wont be replicated elsewhere for many many years.

You simply are divorced from reality. You really are talking out of your rear end as usual.

https://www.cbr.cam.ac.uk/fileadmin...s-research/downloads/working-papers/wp459.pdf

We argue that in the case of the UK, the relative decline of manufacturing has indeed reflected deep-rooted structural problems. In particular there has been a chronic failure to invest in manufacturing, with the UK economy and investment being instead skewed towards short-term returns and the interests of the ‘City’. A stronger manufacturing sector would help to rebalance the UK economy away from an over-reliance on the banking sector and would help rebalance the UK economy and society in regional terms.

Your opinion is not based on fact but what you believe is true.

Woody is a creation of his master.

 

[HawkEye244]

Isn't that the logic that people use for lowering Taxes. If we don't lower them these companies will just leave!

Yes only one world and only so many countries. Personally don't see a big benefit to big corps, I'm in favour of the small business owner. If they want to go, go.

 

[SirGalahad]

Yes only one world and only so many countries. Personally don't see a big benefit to big corps, I'm in favour of the small business owner. If they want to go, go.

The German Mittlestand?

 

[HawkEye244]

The German Mittlestand?

And who do they trade with? Planet Zog ?

 

[Notch7]

In 2008, the UK was still the 6th largest manufacturer by output (source: UN Council for Trade and Development) 25% of UK manufacturing exports are high tech goods. In some industries, such as car production, aerospace and nuclear technology, the UK has shown strong growth in recent years. In other sectors, such as clothing and textiles, the UK has seen a sharp fall in output.

Real industrial output increased over 40% between 1970 and 2000

Firstly, the percentage of jobs in manufacturing and industrial production has steadily declined. In 1980, 25% of jobs were in manufacturing. By 2010, the percentage of jobs in manufacturing had fallen to 8.2%. (though labour productivity increased substantially in this period.) In fact, manufacturing productivity has outstripped the service sector

 

[SirGalahad]

And who do they trade with? Planet Zog ?

Another Hawkism. Showing your brilliant mind once again.

 

[JohnD]

Why don't you peddle an updated source Rog?

I see Notch doesn't want to show anything up-to-date either.

 

[SirGalahad]

In 2008, the UK was still the 6th largest manufacturer by output (source: UN Council for Trade and Development) 25% of UK manufacturing exports are high tech goods. In some industries, such as car production, aerospace and nuclear technology, the UK has shown strong growth in recent years. In other sectors, such as clothing and textiles, the UK has seen a sharp fall in output.

Real industrial output increased over 40% between 1970 and 2000

Firstly, the percentage of jobs in manufacturing and industrial production has steadily declined. In 1980, 25% of jobs were in manufacturing. By 2010, the percentage of jobs in manufacturing had fallen to 8.2%. (though labour productivity increased substantially in this period.) In fact, manufacturing productivity has outstripped the service sector

We dropped out of the top 10 and now currently stand 8th. What you need to factor in is that FDI has sustained many of these investments in new manufacturing capacity. Post Brexit where will that stand?

 

[JohnD]

this is why the old duffers don't want to show the recent data:

"The UK economy’s decade-long struggle with low productivity is showing little sign of abating. In the second quarter of 2017, output per hour fell by 0.1%, after falling 0.5% in the previous quarter, according to data released today (Oct. 6) by the Office for National Statistics.

The problem is much worse when compared to other large advanced economies. In the UK, productivity, measured by output per hour worked, was 15.1% below the average for the rest of the G7 in 2016, almost unchanged from 2015. Measured by output by worker and the UK’s productivity was 15.4% below the average for the rest of the G7 last year, slightly improved from 16.1% in 2015."

"Between 1997 and 2007, the UK’s average annual productivity growth was 0.2 percentage points higher than the average for the rest of the G7. Since the financial crisis in 2007, the UK’s productivity growth has been substantially weaker. One way to measure this is by looking at the difference between what productivity would have been, had it kept growing at pre-2007 levels, versus what productivity has actually been since the crisis.

This gap—and its failure to close—is often referred to as the “productivity puzzle.” In 2016, the UK’s productivity gap (measured by output per hour worked) was 15.8%, the largest in the G7 and almost double the average of 8.8% across the rest of the countries."

https://qz.com/1096354/ons-data-ana...is-almost-twice-as-bad-as-the-rest-of-the-g7/

Data issued 6 October 2017 by the ONS
https://www.ons.gov.uk/employmentan...ctivityintroduction/aprtojune2017#main-points

 

[Notch7]

I see Notch doesn't want to show anything up-to-date either.

Given the discussion is about decline of manufacturing since the 1970s, a source of information not entirely up to date does not diminish its validity.

Numpties may well think otherwise

 

[JohnD]

No, it's about UK losing its grip on our hitherto successful financial sector.

...getting cold feet

As predicted in an earlier thread.....https://www.diynot.com/diy/threads/register-to-vote.488937/page-5#post-3993478

Or do you mean you're happy to go off-topic but don't want anyone else drawing attention to your frailties?

"At the end of 2016, productivity returned to the level seen before the downturn, overturning years of decline which has weighed on wages.

But it has now slipped back again and is 0.4% below the peak recorded at the end of 2007, according to the ONS.

Economists have warned that the UK's productivity continues to lag behind its major trading partners such as the US, France and Germany."

http://www.bbc.co.uk/news/business-40504734

 

[JohnD]

http://www.independent.co.uk/news/b...es-economy-second-quarter-wages-a7986111.html

 

[Notch7]

this is why the old duffers don't want to show the recent data:

"The UK economy’s decade-long struggle with low productivity is showing little sign of abating. In the second quarter of 2017, output per hour fell by 0.1%, after falling 0.5% in the previous quarter, according to data released today (Oct. 6) by the Office for National Statistics.

The problem is much worse when compared to other large advanced economies. In the UK, productivity, measured by output per hour worked, was 15.1% below the average for the rest of the G7 in 2016, almost unchanged from 2015. Measured by output by worker and the UK’s productivity was 15.4% below the average for the rest of the G7 last year, slightly improved from 16.1% in 2015."

"Between 1997 and 2007, the UK’s average annual productivity growth was 0.2 percentage points higher than the average for the rest of the G7. Since the financial crisis in 2007, the UK’s productivity growth has been substantially weaker. One way to measure this is by looking at the difference between what productivity would have been, had it kept growing at pre-2007 levels, versus what productivity has actually been since the crisis.

This gap—and its failure to close—is often referred to as the “productivity puzzle.” In 2016, the UK’s productivity gap (measured by output per hour worked) was 15.8%, the largest in the G7 and almost double the average of 8.8% across the rest of the countries."

https://qz.com/1096354/ons-data-ana...is-almost-twice-as-bad-as-the-rest-of-the-g7/

Data issued 6 October 2017 by the ONS
https://www.ons.gov.uk/employmentan...ctivityintroduction/aprtojune2017#main-points

Doesnt explain the reason why though. The answer doesnt seem straightforward......

According to the OECD this productivity slowdown "has occurred at a time of rapid technological change, increasing participation of firms and countries in global value chains (GVCs), and rising education levels in the labour force, all of which are generally associated with higher productivity growth.”

These facts, which seem to be contradictory, have led analysts to come to a variety of conclusions as to the root of the problem. One explanation has been that the technological advances and management strategies that worked to propel productivity in the past have been fully implemented and are no longer contributing to productivity. Add to that a slowdown in capital investment after the financial crisis and one can expect that workers are no longer getting new technologies to make doing their jobs more efficient.

 

[Notch7]

http://www.independent.co.uk/news/b...es-economy-second-quarter-wages-a7986111.html

And the reason why?

 

[JohnD]

One explanation has been that the technological advances and management strategies that worked to propel productivity in the past have been fully implemented and are no longer contributing to productivity.

If you can imagine a plausible excuse why this factor occurs in the UK and not in the rest of the G8, it might be treated with something other than derision.