It's true, but it doesn't hamper the richer french from doing well : http://en.wikipedia.org/wiki/Economy_of_France#Agriculture "Wealth [edit] Overview In 2010, the French had an estimated wealth of US$14.0 trillion for a population of 63 million[29] * In terms of aggregate wealth, the French are the wealthiest Europeans, accounting for more than a quarter of wealthiest European households.[30] Globally, the French nation ranks 4th wealthiest,[31][32] being proportionally the weathiest one. * There are more millionaires in France than in any other European country : 2.6 Millions of Dollar millionaires followed by the UK (1.6 millions) * In 2010, the wealth per French adult is a little higher than US$290,000, down from a pre-crisis high of US$300,000 in 2007. * Virtually every French household has at least US$1,000 in assets.[33] Proportionally, there are twice as many French with assets over US$10,000 and four times as many French with assets over US$100,000 than the world average.[34] * The French are also among the least in debt populations in the developed world with personal debt accounting for "little more than 10% of household assets".[35]" Also considering how tax evasion is rampant and law enforcement rather lax in that matter in france the wealthier french are probably doing much better than advertised. As of "how high is EU-subsidized farming as a % of the French GDP? I seem to recall it used to be 20% of the economy, not sure where it is today... " That'd would require more research, but the first link I checked attributed 11billion EUR of EU subsidies yearly to french agriculture, I doubt the industry amounts to close to 20% of french GDP. Otherwise the critics above ring true, and both Labour law and attitude of french towards work likely hurt the economy, also I'm rather glad to read France will get downgraded as public spending needs to be seriously adressed, but don't think life there is particulary difficult, and it's even less difficult for the more resourceful.
Agree on aircraft engines, can't really say much about the educational system and regarding pharma... In my previous professional life I used to look at some of the big pharma companies and their patent situation at the time looked dire (expiring patents vs. newly registered). Could have changed in the mean time but I doubt it. The point I was trying to make is that the UK will have to rebuild its industrial basis first. Then yes (if successful)... for the time being I believe that it just doesn't have that much to offer to the world apart from a financial hub, which I feel is also losing its allure. Which is why I believe that it should be downgraded (with the French by the way) too. If I am not mistaken the Chinese have already taken this step.
Manufacturing is only 10% of UK GDP, so I'm not sure this matters? In a sense the UK "produces" services - accountants, bankers, lawyers, decent tourism, strong in eCommerce. As Martinghoul pointed out, one exception is in pharmaceuticals, other niche areas such as offshore energy, technical expertise for Formula 1 cars(!), artificial limbs,..