Structural economic change is almost invariably painful, but the repeated lesson of history is that it is best not to try and get in its way; the sooner such change is allowed to take its course, the sooner resources are released to invest in the new, allowing the economy to transition to a different and hopefully better form. Rewind to Seventies Britain, and we see a case study in what not to do when companies and even whole industries become uncompetitive and therefore unviable. […] Inefficient capacity in these industries is going to take a hammering while that process works its way through. […] Finding new tenants, and uses, for all that real estate is going to be a major challenge for the likes of Canary Wharf and other major office space clusters. […] But it is going to cost money to mitigate and smooth the transition.
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