The UK will likely always be near the top of the world’s leading countries when it comes to the economy. However, it’s not as if it’ll automatically be right up there — while there are some industries that the UK excels in, in others, we’re lagging behind.
And in others, the UK used to be a leader, but in recent years, have seen things slip away, for a number of reasons. Today, the UK is excelling in tech, engineering, and construction — but there are a host where it looks like the best days are behind us.
So what are they? Let’s take a look.
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Print Media
Is it any wonder that print media isn’t what it once was? In fact, you could argue that newspapers and magazines have hung on longer than they should. With the internet taking over more or less everything, there’s much less demand for printed media. And that, of course, means that not only many magazines and newspapers have gone out of business, but that the places that print them have gone, too. It’s unlikely that print media will be completely erased, but it’ll be more of a niche thing in the future.
The Steel Industry
There was once a time when the UK was the world’s leader when it came to the production of steel. But that’s not quite the case today. Understanding the UK’s steel industry involves looking at the rise of other countries, which soon caught up with — and then overtook — the UK when it came to steel. The United States were the first to rise, and after that, China came along, which could produce and sell steel for much cheaper. It’s not as if the UK’s steel industry is completely over, however. There’s a chance that things could be invigorated through a green campaign to produce steel in a more sustainable way.
Of all the consequences of the coronavirus pandemic, it was the impact that it had on the high street that gave industry experts a scare. The high street has been vastly impacted by the rise of online shopping, and it’s unclear whether that’ll change in the future. Though the main streets in the major cities will fare well (but Oxford Street is struggling), high streets in smaller towns will continue to be at risk. It could be that this is just a temporary blip because there’s every chance that people reject online shopping and return to the real world. But we’ll have to see.
Television and Video Media
It’s odd to think that the UK’s television and video media industry could be winding down. After all, these shores are still responsible for some of the best television and movies. However, this is the case. It’s in part because of the decline in television — there isn’t the money there that there used to be. But though the big studios may produce less, there’s still plenty of content being pumped out. But as a concentrated industry, it’s smaller than what it was.
