The way forward is to make things that are better designed, better engineered and with better technology than our competitors’ products. This is the blueprint for 21st-century success embraced by Japan. It is why Japan makes six times as many patent applications as Britain and spends three times as much on research and development. The Japanese government is about to spend £128 billion on research and development. The figure in Britain is £1 billion.

“If you don’t work harder, you’ll end up working in a factory.” That’s the threat my teachers used at school.

Ironically, I did end up working in a factory — entirely of my own volition. What’s more, I enjoy it. And it pays well.