Quote:
Originally Posted by Lucysgirl
I worked for an engineering company in the 1950s when the standard rate of tax on all income was 47.5% and the higher rate was 99%. We exported 78% of our products and although I don't know what the gross sales income was I assume the company paid the full whack of 99% on its net income. The company invested in people - they provided playing fields & equiupment, team uniforms, tennis courts, paid for further education and looked after its pensioners.
I've always thought the drawback to modernising our own factories, is that we sold much of our old machinery abroad and taught the new owners how to use it, which meant that there was much more competition, cheaper competition, for us in the world's market place. Additionally; don't forget quite a few blueprints of our old cars went to countries which hadn't got a history of designing and manufacturing cars.
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Lucy we had British companies making machinery for the cotton industry and exported it to countries who then started to undercut us and that went on up to the late 80s