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Chapter III. Industries and Services
Published online by Cambridge University Press: 26 March 2020
Extract
Given the depressing effect of the gradual decline in oil production and the slow progress in manufacturing, in contrast to the faster growth of services, the importance of production industries in the economy will be lower by the end of the decade. Estimates based on volume changes alone, disregarding the future course of relative prices, indicate that ‘de-industrialisation’ appears to be continuing. This is not especially a British phenomenon and may be experienced by many industrial countries. It is more important for the UK, however, because falling oil production poses a considerable threat to the balance of payments. Manufacturing ought to play a decisive part in filling the gap and its revitalisation in the coming years is of paramount importance. In this context we are in agreement with the recent Select Committee Report which found the implications of the growing trade deficit in manufactured goods ‘most serious’ and ‘the need for change urgent’.
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- Copyright © 1985 National Institute of Economic and Social Research
References
(1) House of Lords, Report from the Select Committee on Overseas Trade, HMSO, 1985, vol. 1, page 6.
(2) We are grateful to the industrialists and other experts who res ponded to our inquiry on the prospects for selected manufacturing and construction industries. They are in no way responsible for the views expressed.
(1) The tentatively quantified forecast figures in the tables of this chapter are not intended to be more precise than the statements in the text.
(1) While this group, and particularly its ‘high technology’ segments, is fairly well distributed over the whole country, its specific impor tance in particular areas seems outstanding, such as in the South of England, Cambridgeshire and, especially, in the ‘Silicon Glen’ district of Scotland, where electrical/electronic output has doubled since 1980.
(1) The six largest multiple food distributors account for half of the market.
(1) We are grateful to the CSO for its help in supplying some of these.