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At the Farnborough Air Show, 50 miles southwest of London, British flyers put on a dazzling display for 8,000 foreign visitors last week. Fourteen Hawker Hunter jet fighters looped through a whisker-tight formation. Two twin-jet Scimitar fighter-bombers barreled in for a landing, folded their wings just in time to allow a third Scimitar to fly in head-on between them. But all the planes on display and the superb acrobatics could not hide the fact that Britain's aircraft industry is losing altitude fast. Even the empire-loving London Daily Express warned its readers not...

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