Perhaps once burned?
How long would it take us to catch up with decent fab? Design appears to be an indigenous skill, albeit championed only by ARM.
Just getting to 5nm is a bit more difficult than getting to 8um and see how we go from there.
We can see attempts in Russia and China which get A* for effort but C- for usefulness. The government tried with Inmos (anyone remember them?) and the Transputer (remember that?). They tried to bully GEC (before it merged and dispersed) We got quite good at III-V or even II-VI (remember those?)
I don't know what the answer is, but reports are easy. I suppose I like to think we are part of the western world which engages in trade conducted within parameters which include the rule of law.
At the turn of the year Macron "addressed the nation" with plans that included reining in Google et al. Not many people seem to like them but spending money on producing also rans doesn't seem to be a great decision.