The rot set in when some genius thought that more money could be made shuffling bits of paper around, rather than making things. he forgot about the "better mousetrap".
Britain has always been good at innovating, you will need a large sheet of paper on which to write the names of the Brits who started the Industrial Revolution, and made Britain the Workshop of the World.
WE are good at innovating; and then giving away the design, and poor at ensuring that the quality is good.
if we had followed the precepts of an American (deeming) as the Japanese did, we might still have a viable motorcycle car and truck industries (to name but a few).
Sinclair products were good at innovation, but totally useless at maintaining quality.
I am biased, but Perkins Engines are still in the vanguard of technology. In addition to production, they are the only R & D centre other than Peoria, Illinois, for Caterpillar, worldwide.
We are good at inventing I T chips, but they are mass produced abroad!
Push me off the soapbox, please.
Howard