economic will 'revive British industry' notebook get 'leaner and fitter'.
In October 'Today we see British industry slowly but was sayllts. inexorably improving. 'But the devastation and disaster that has manufacturing since precedented.
The collapse of British manufacturing industry is TalI WOSC that happened in the thirties and even WOSt the great crash of 1929 setween the peak output in May November 1982 manufacturing production 198per cend At the production declined" to the level 1967.
A collapse on that scale has no precedent in the entire history of olisoe me mousma coilapse of the thirties.
lu ust ovcl per cent of the jobs in manufacturing have been wiDed OUL steel the output has fallen bv 43 ber cent. Motor vehidle our cent drd red bes per CCIL ana lexules production, metal goods production and manutac turing investment declined by 32 per cent, 29 per cent and 32 per cent respectively.
sule major dustries third workers have lost jobs. At firms like Talbot and Massey Ferguson, job losses total. 70 percent and over (see table).
Under Thatcher there has . been collapse manufacturing worse Talbot Massey Ferguson British Leyland British Steel Dunlop Tube Investments •GKN Philips Courtaulds Caterpillar Vauxhall• Babcock International Chancellor Geoffrey Howe is claiming his budget This has been the Tory theme since 1979 when Thatcher boasted that British industry was going to anything that Revolution.
The slumps hit industry place now. unthan violent the of Great War fell by history, end after only had then of years.
capitalism did not get Luice yeals increases recorded by ing industry.
manufacturing the devastation recession.
Since have turing has after it's still on the slide. inof the their return to the thirties' her tion. Sir industry going Percentage loss of jobs: 1977-82 Source: Financial Times, 9 December 1982 has taken place since the Industrial of 1920 1929 and the thirties are all eclipsed by what is taking The 1921 slump was a readiustment after the Although the intitial fall in production was the sharpest in British recovery began one year and manufacturing output rose for the next eight The 1929 slump lasted much lönger and recovery underway for Inree years. But trom ther on the rest of the thirties saw one of the most rapid of output ever manufacturUnlike other sectors of the economy in the thirties escaped the 1979 manufacslid rapidly down hill, and three years the recession began Thatcherism is not 'a She Caullci have presided over the, biggest and the worst decline ever in manufacturing producGeoffrey Howe has got a lot on his plate if 'revive 73% 70% 53% 50% 49% 45% 45% 42% 33% 33% 32% Index of manufacturing 19300 1979 1980 Posters Community ng the recessions of 1920, 1929. 1979 100 = beak producton year of previous cycle 50p. each from Merseyside Trade Unemployed roduction follon 1979 recession I0R Resource Centre, Hardman Street, Liverpool 1929 recession,« 1920 recession no buts