Post-Second World War

Cotton processing and trading continued to fall in peacetime, and the exchange closed in 1968.[18] By 1963 the port of Manchester was the UK's third largest,[39] and employed over 3,000 men, but the canal was unable to handle the increasingly large container ships. Traffic declined, and the port closed in 1982.[40] Heavy industry suffered a downturn from the 1960s and was greatly reduced under the economic policies followed by Margaret Thatcher's government after 1979. Manchester lost 150,000 jobs in manufacturing between 1961 and 1983.[18]

Regeneration began in the late 1980s, with initiatives such as the Metrolink, the Bridgewater Concert Hall, the Manchester Evening News Arena, and (in Salford) the rebranding of the port as Salford Quays. Two bids to host the Olympic Games were part of a process to raise the international profile of the city.[41]

Manchester has a history of attacks attributed to Irish Republicans, including the Manchester Martyrs of 1867, arson in 1920, a series of explosions in 1939, and two bombs in 1992. On Saturday 15 June 1996, the Provisional Irish Republican Army (IRA) carried out the 1996 Manchester bombing, the detonation of a large bomb next to a department store in the city centre. The largest to be detonated on British soil, the bomb injured over 200 people, heavily damaged nearby buildings, and broke windows half a mile away. The cost of the immediate damage was initially estimated at £50 million, but this was quickly revised upwards.[42] The final insurance payout was over £400 million; many affected businesses never recovered from the loss of trade.[43]
Exchange Square during a BBC Big Screen showing of a FIFA World Cup football game.

Spurred by the investment after the 1996 bomb, and aided by the XVII Commonwealth Games, Manchester's city centre has undergone extensive regeneration.[41] New and renovated complexes such as The Printworks and The Triangle have become popular shopping and entertainment destinations. The Manchester Arndale is the UK's largest city centre shopping mall.[44]

Large sections of the city dating from the 1960s have been either demolished and re-developed or modernised with the use of glass and steel. Old mills have been converted into modern apartments, Hulme has undergone extensive regeneration programmes, and million-pound lofthouse apartments have since been developed. The 169-metre tall, 47-storey Beetham Tower, completed in 2006, is the tallest building in the UK outside London and the highest residential accommodation in western Europe. The lower 23 floors form the Hilton Hotel, featuring a "sky bar" on the 23rd floor. Its upper 24 floors are apartments.[45] In January 2007, the independent Casino Advisory Panel awarded Manchester a licence to build the only supercasino in the UK to regenerate the Eastlands area of the city,[46] but in March the House of Lords rejected the decision by three votes rendering previous House of Commons acceptance meaningless. This left the supercasino, and 14 other smaller concessions, in parliamentary limbo until a final decision was made.[47] On 11 July 2007, a source close to the government declared the entire supercasino project "dead in the water".[48] A member of the Manchester Chamber of Commerce professed himself "amazed and a bit shocked" and that "there has been an awful lot of time and money wasted".[49] After a meeting with the Prime Minister, Manchester City Council issued a press release on 24 July 2007 stating that "contrary to some reports the door is not closed to a regional casino".[50] The supercasino was officially declared dead in February 2008 with a compensation package described by the media as "rehashed plans, spin and empty promises."

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