Philip Booth appeared on The Daily Politics to discuss Britain’s disappearing manufacturing sector. He argued that there had been a natural decline in the UK's manufacturing sector, which has been replaced by a rise in the service industry.
Britain shares a similar income from manufacturing as France and the USA and Philip Booth argued that in a global, capitalist economy, it is important that countries specialise in where they have a comparative advantage. Whilst economies such as Germany focus on manufacturing, Britain specialises in a diverse service industry. These services can be traded on a global scale in the same way as manufactured goods.
Rather than picking “winners”, Philip Booth argued that the government should have a horizontal industrial policy that supports all businesses and industries. Low regulation and low taxes would allow UK businesses to thrive, trade and prosper.
Watch the full interview here [2]. Segment starts at 47.13.