In the light of the Port Talbot mess, we find today that Services as a percentage of the UK economy has reached 80%.
We really are officially post-industrial now, which is amazing when you consider in the long scheme of history we only really just invented the industrial revolution and have given up on it already. Who would have thought even 30 years ago that the economy would turn out like this.
Indeed, shuffling bits of paper IS our economy.
I am reminded of the quote from the now defunct Xerox where an ex-CEO said:
"The definition of middle management is sending half-finished documents via email to each other, forever" or something like that.
But this is now officially the UK. Crazy policies around energy costs and farming subsidies/non-subsidies as well as Marxist unions and the drive of globalisation have ended our role as providers of real products.
There is much to be said for an Intellectual Property led economy and creatively led economy. On the other hand, as we are rapidly discovering, there are far more losers than winners in the new economy.
Non high value services, retail, leisure, packaging etc are all minimum wage stuff. High value lawyering and accounting etc is very well paid.
Losing manufacturing, inevitable as it may seem, will lead to a much worse division incomes overtime. How Governments deal with this will be very interesting in the next 20 years or so.