Letter: Manufacturing versus the markets

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Sir: On the day you published the interview with John Major by Andrew Marr (4 March), you had a leading article ('A manufacturing culture') in which you repeated the oft-quoted platitude of the Eighties that 'markets know best'.

Last Thursday the Stock Exchange announced the abandonment of the computerisation of share dealings with an estimated cost of pounds 400m, while the following day, Lloyd's of London revealed record losses.

Once again, vital national resources have been wasted while manufacturing industry struggles to survive.

Which markets are these that are constantly paraded as 'knowing best'?

Yours sincerely,


MP for Sheffield Brightside (Lab)

House of Commons

London, SW1

12 March