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I sussed this 2004-5
http://www.telegraph.co.uk/comment/9...rk-Carney.html
"Many of the problems facing the British economy – too much debt and a decades long loss of competitiveness – are common to other “advanced” economies, but we also face some unique challenges on top. First North Sea oil and then financial services have been major contributors to the economy over the past 30 to 40 years, helping to disguise the steady loss of jobs to foreign competition and technology.
Both are now on the wane, with nothing obvious coming up in the wings to replace them. Sometimes it seems that our political leaders are not being entirely honest, either with themselves or the electorate, in refusing to spell out these realities. "
Mike
http://www.telegraph.co.uk/comment/9...rk-Carney.html
"Many of the problems facing the British economy – too much debt and a decades long loss of competitiveness – are common to other “advanced” economies, but we also face some unique challenges on top. First North Sea oil and then financial services have been major contributors to the economy over the past 30 to 40 years, helping to disguise the steady loss of jobs to foreign competition and technology.
Both are now on the wane, with nothing obvious coming up in the wings to replace them. Sometimes it seems that our political leaders are not being entirely honest, either with themselves or the electorate, in refusing to spell out these realities. "
Mike