Never the twain shall meet, eh?
Comparisons with the 1930s can be overdone. Britain\’s public finances were then in a much healthier state than they are today, while the country\’s industrial base was much larger.
while the country\’s industrial base was much larger
That\’s from something called the Index of Production and it\’s a chart of the value of manufacturing output in the UK since just after WWII. It\’s an index and 100 is defined as the level of output in 2005. As you can see we produce some two and a half times what we did in the 40s, when absolutely everyone, to hear the stories told, was gainfully employed making whippet flanges. So at first glance it would seem to be untrue that we actually produce less than we used to.
Facts are, as the saying goes, sacred.