Abstract
Chemical industry analysts tend to be a gloomy and cynical lot. But these days, when they say of the British chemical industry, It's on its knees, there is an underlying sense that that's not a far-fetched exaggeration of the state of health of the industry, which last year accounted for sales of $51 billion. In a way, a robust chemical industry would be surprising: The U.K. is one of two countries in Europe (the other is Sweden) whose economies are actually contracting rather than growing, declining at a rate of 0.8% so far this year. According to Dun & Bradstreet, Britain has recorded more than 46,000 business failures in the first nine months of 1992, almost as many as in the entire year of 1991. Unemployment is running at nearly .10%, with 2.8 million people out of work. Basic industries that are heavy customers of the chemical industry—for example, housing and construction, automobiles, consumer durables—are ...
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