Another straw in the wind of industrial re-generation is the restoration of car assembly at Longbridge, iconic birthplace of Austin cars and last surviving component of the home- grown British motor industry, until the final marque, MG, went bust in controversial circumstances six years ago. The wreckage was bought by China’s largest motor manufacturer and assembly of a British design, the MG6, from parts made in China, is now under way.
We need more of this. Let us hope the range of products will be expanded and include the latest clean technology. The industrial heartland of our country have much to offer. It is sad that our own investors and banks so binged themselves on property (75% of all bank lending) that they not only bust themselves and destroyed much of our industrial heritage, but also bust our country. From their fantasy world they told us that ‘invisibles’ and ‘services’ were sufficient to ensure prosperity. With lots of borrowing, of course. Well we have seen through all that. The invisible were just that, the services were no longer required and the borrowed money has now to be repaid. This is because none of those things are wealth creating, there are just activities which cost other people money, which dries up in tougher times.
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