Explain why the Manufacturing Sector in the British Economy Has Declined Since 1979?

Since the industrial revolution manufacturing has been a vital component of the British economy. In the nineteenth century the UK was the worlds largest manufacturer, however, in the last hundred years Britain's share of the worlds manufacturing output has declined, a decline which has perhaps been more apparent over the last thirty years than before.
There are several theories as to why manufacturing in the UK has suffered so badly, one of which is the "Maturity Thesis". …