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North Sea oil could be a mask which conceals the decline of our economy. Don't think it will necessarily solve our problems. Britain was in a process of de-industrialization and it was essential that the revenue from oil should be used for reinvestment in industry. I have seen industry after industry in this country upon which our living standards rest going down because of the lack of investment. I have seen it in shipbuilding, aircraft, machine tools, the motor industry, motor cycles and electronics. Public investment and ownership were critical parts of the recovery of a society whose living standards and public service rested upon manufacturers. (en) |
