My view is that we are a nation of smart & skilled engineers but saddled with a **** poor managers/inept politicians who think we can, as a country, get by in the world selling each other hamburgers, life insurance & accident claims victims 100% payout...etc.
What has happened in similar cases.........becomes a retail park selling Toys-R-Us, £land, etc. My I draw your attention to CA Parsons (Newcastle), GEC (Rugby), Staveley Cast Pipes (Derby), etc etc...the list is endless.
It will be bought by foreign competitors (Siemens, Alstom, Hitachi, et al).........and closed within 2-3 years as not viable. All the skills will be lost and all the work and knowledge will be thrown away to benefit Berlin, Paris, Seoul, etc.
We are in the midst of world economic warfare where the looser's simply slide down the GDP scale of things and become 3rd world status within a few generations. Next watch ForgeMasters (Sheffield fail).....in S Korea there is a new forge 15kT installed & working there, result...they win, simple!!
All that will happen is foreign companies will benefit from our demise........stop swimming & you (we/all) sink / drown !!
It 'aint rocket science....(to mix my metaphors)