“I imagine the high price is due to production processes not being updated since about 1975.”
Hey, this is Britain, remember! Don’t you mean production processes not being updated since 1875? There are some manufacturers in this country still using 150year old machines and they seem to wear this obvious lack of investment as a ‘badge of honour’.
The reason we get such good quality in all things from the far east, not just in machine tool accessories, is because they have invested in modern plant, production and ongoing improvement. Also, I would suggest, having a supportive government with an industrial strategy is a great incentive even though this may be politically offensive to some of the Small Minds of the West. If instant profit is not the primary motive, then the returns on any investment can be spread over a longer timescale.