The issue of economic nationalism is vying with the weather for the front pages and has temporarily replaced the daily bad news of doom and gloom. Given a third of EEF membership is foreign owned, and two-third's of our output is exported, we have a vested interest in an open international economy. But as Robert Peston explains, the current debate goes beyond a single dispute at a Lincolnshire oil refinery and raises fundamental questions about the future of the UK economy.
We enjoyed the fruits of selling the family silver during the good times (Peston describes our approach to foreign ownership as 'Wimbledonisation'); are we now paying the price in much tougher times? The UK now faces a decision in terms of rebalancing its economy and investing in a world class education system to reap the rewards of its science and engineering excellence.
As Peston says,
"...even if the British shouldn't weep about not winning at Wimbledon and should celebrate that it's the best tournament in the world, we should aspire to be a nation of players, managers and umpires - not a nation of ball boys."