Wave a cheerful goodbye to BAE

Britain should be delighted to be getting rid of weapons maker BAE - we're much better off out of the defence industry, says Matthew Lynn.

No sooner had the deal been announced than the soul-searching began. British Aerospace (BAE), for decades Britain's national champion in the defence and aerospace industries, announced last week it was planning a £30bn merger with its French and German-owned rival, EADS.

Why are we surrendering control of one of our most important industries, wailed the critics? How can British jobs be safeguarded? How can we make sure our boys in the field get the best kit when we don't control our major arms manufacturer any more?

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Matthew Lynn

Matthew Lynn is a columnist for Bloomberg, and writes weekly commentary syndicated in papers such as the Daily Telegraph, Die Welt, the Sydney Morning Herald, the South China Morning Post and the Miami Herald. He is also an associate editor of Spectator Business, and a regular contributor to The Spectator. Before that, he worked for the business section of the Sunday Times for ten years. 

He has written books on finance and financial topics, including Bust: Greece, The Euro and The Sovereign Debt Crisis and The Long Depression: The Slump of 2008 to 2031. Matthew is also the author of the Death Force series of military thrillers and the founder of Lume Books, an independent publisher.