MONDAY, SEPTEMBER 27, 1982
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Of course much remains to be done, but the pattern of improvement is encouraging. A greater realism is emerging, a botter understanding of the links between sensible pay settlements, productivity, unemployment and the creation of lasting jobs.
1 trad.70 comovelty such ặc song kong neede
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no reminding of these lirke. But have to reforge the cha
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refurge it through overall economic policies ano the climate they create; through discipline in public spending and borrowing; and through constant encouragement to management and unions to learn the lessons of competitiveness and performance as the key to success.
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We still have many problems to tackle, particularly in the public sector. We have made some progress although not as much as I would like in opening up the public sector to competition and injecting private capital. I was delighted by the superb results reported by Cable and Wireless in the first year after their restoration to the private sector.
We also still have problems with our older industries, many of which are having to cope with the painful progress of running down capacity. But it is increasingly recoarised in Britain that we cannot shirk such problema.
You in Hong Kong have always had a habit of enterprise, of desioning new products and of forming new firms and companies. British economic success similarly depends on responding to the changing industrial world. And we are woll equipped to do so by an outstanding record in scientific research and invention.
In practical terms, the cathode ray tube, the computer, radar, the jet engine, penicillin, carbon fibres. nuclear power stations were all first produced in Britain by us British. Now we need to learn to develop the follow-up and exploitation of inventions of this kind.
Last week in Japan I visited a remarkable factory, where robots had replaced much of the repetitive work done on production lines There were even robot, making robots All this has staggering implic ions for the future
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