SUBSIDIES, EXCHANGE RATES AND JOB PROTECTION IN THE BRITISH STEEL INDUSTRY, 1967–85

Repeal of the Corn Laws was ‘undoubtedly the greatest of the victories of free trade’ (Hill 1985), benefiting the manufacturing industries through the scope for increased output, exports and employment. Cotton manufacturing was the principal-but not the only-sector to benefit, the iron and later the steel trades did too, as the demand for metal goods and machinery increased.