According to Lord Mandelson at the CBI dinner last night
In my time as European Trade Commissioner I came across a surprising number of people who seemed to have the impression that Britain saw itself as a post-industrial country. The kind of place that made its global living setting up special investment vehicles and selling derivatives to the rest of the world. Well, maybe that's how the world looks from some over-priced bits of real estate in certain parts of London. It's not the view from the West Midlands. There is nothing post-industrial about Britain.
And today's manufacturing figures from the ONS?
Manufacturers endured their biggest quarterly slump in output for 35 years in the three months to December, official figures showed today. Industry output in the final quarter of 2008 was 5.1% below the July to September period - the worst since 1974, according to the Office for National Statistics (ONS). The figures also showed a 2.2% fall in output in December on the previous month among manufacturers - representing a tenth successive month of decline in the worst run for the sector since 1980 [Press Association].
Whoops!
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