>The point is that manufacturing is a relatively small part of both the economy and the job market

Yes because the UK is overfinancialised to a ridiculous degree. It has deindustralised in doing so.

>This leads to stupid decisions like gutting the university sector, which is a major export industry.

I'd call it more of a major import industry. At the same time your doctors and such are leaving the country.

Besides, if these are so profitable why are they making the cuts you think? Is it that those degrees aren't exactly paying off in an economy that can't consist of HR departments and other PMC's?