We have expensive, potentially unreliable (if an interconnect fails we are completely fucked so certainly fragile), energy.

Energy is what allows modernity to function, we have made it so expensive that no one can make anything in Britain just in time for hard power and manufacturing to be really important again.

Chemicals, metals, pottery, glass,fertiliser etc are all basically impossible to do competitively in Britain.

Energy has only been expensive recently, and there has been zero issue with power supply beyond silly tabloid fear mongering. So between the 70s and lets say 10 years ago, the argument for expensive power really does not hold true.