In 2010 the US food giant Kraft, a corporation best known for manufacturing processed cheese, made an audacious bid for control of Cadbury, the iconic British chocolate company founded by Quakers in the 19th century. The takeover battle caused national consternation. Questions were asked in Parliament. Yet, despite the hand-wringing, there was nothing particularly unusual about what was going on. Over the previous three decades, ever since Margaret Thatcher's government swept away capital controls - making it easier for British companies to invest overseas and foreigners to invest in the UK - great swathes of British industry had fallen into overseas hands. Cadbury was merely the latest to succumb. Today, foreign ownership stands at an all-time high.

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