Industrialisation in Britain had been a "bottom-upwards" grass-roots transformation brought about by the initiative of the individual "practical man"… - Correlli Barnett

It remained only for Britain during the war to pour out the rest of the investments and the gold on the purchase of war supplies from the United States, while at the same time cutting visible exports to a third of the 1938 level for the sake of war production, and the basis of Britain's economic existence for the last hundred years had been comprehensively destroyed.
In 1945 Britain was therefore left by this nemesis of free trade with none of the advantages of being highly dependent on foreign trade, and all the vulnerability. In the immediate postwar era, and for the first time since the beginning of the industrial revolution, she would have to depend almost entirely on visible exports in order to secure the life and work of the nation and to rebuild her old prosperity.

Perhaps the most damaging single proof of this American superiority in all-round productivity lies in a comparison in September 1954 between steel output at the Inland Steel Company, Chicago, and the more modern Port Talbot plant of the Steel Company of Wales. For Inland produced about 260 ingot tons per man-year as against about 160 ingot tons per man-year at Port Talbot. It was a foretaste of the even more horrifying comparisons in the 1970s, 1980s and 1990s between productivity at identical car plants in Britain and on the Continent.

It is noteworthy that neither the Labour Party's plans for "reconstructing and regenerating" Britain nor the so-called or alleged "social contract" makes provision for reconstructing and regenerating the one British institution which most of all shackles our productive progress and denies us prosperity. I refer of course to the trades unions, whose insistence on over-manning and on rigid demarcations is responsible for the low productivity and want of flexibility of operation in British industry, as was finally and conclusively proved by the experience of the three-day week... It might be thought that it was time that the trade unions, who claim so much in terms of power and privilege and yet contribute so little towards the achievement of a British economic miracle, were compulsorily reconstructed too. Such a course is of course politically out of the question. But then it is already clear from the manifestos and the speeches that, over the entire field of policy, what is nationally necessary is still politically impossible. Adjustment to reality being therefore...too painful a cure for us voluntarily to adopt, we shall fool on until there is no more foreign money to be borrowed, but only to be repaid, and catastrophe at last forces adjustment to reality upon us.