The post 1970s financialization of everything [1] is probably behind most of Britains decline. The UK was just an early adopter [2].

Embracing that nonsense (including rampant neoliberalism) has really rotted the backbone out of our society.

1. https://en.wikipedia.org/wiki/Financialization

2. https://www.researchgate.net/figure/Evolution-of-the-GDP-sha...

Exactly. I’ve commented here on similar topics before. Britain’s success was in large part due to being able to combine financial innovation with daring voyages and physical innovation. But beginning from 70s they over indexed financialisation at the cost of building physical things.

In comparison, China has actively suppressed over financialisation and results speak for themselves.

The UK did kind of ride the wave though and profit from it internationally. It's one of our few big industries (if you can call it that) bringing money in.