It isn't the amount of imports that is the issue Mike, it is the cost of running a business in the UK that is.... if that got reduced, then it would allow companies to be more 'competitive' in their respective fields.
I really don't think that people buying spares overseas is an issue, as you first got to prove that they would by the stuff in the UK first, and I am guessing, they wasn't, so it isn't they lost those sales, they never had them in the first place. I personally feel this is a 'Credit Crunch' issue, where maybe the Bank was reducing it's assistance.
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