"The "older industries" are alive and well and flourishing in third world counties where labour is cheap."

For now. I'm old enough to remember when Japan was a low-wage manufacturer. That's always a phase as a country develops -- eventually wages rise and their economy has to offer something other than low cost. The options for manufacturers are either a highly automated factory in a developed economy or a less-automated facility in a low-wage country. And, as many are discovering, to get the quality they want, sometimes the former is still the better choice. Note -- neither will bring back low-skill, high-wage jobs to developed countries.