The Treasury has always been at its most comfortable counting the candle ends: by rescinding this loan ministers have shown that the blinkered, short-termist, anti-industry mind set of the 1980s is back with a vengeance.
That 1980s anti-industry mindset is usefully illustrated by this chart of industrial output.
Manufacturing output at the end of the 80s was some 20% higher than it was at the beginning of the 80s.
Using 2005 as 100 (it is an index, after all) manufacturing output was 77.2 in 1980 and 93.3 in 1990.
Note that this is manufacturing and does not include either oil or mining.
Some \”anti-industry\” action definitely going on there then.