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@wooodrow
I think it's a bit of a "not in my backyard" kinda thing. Whilst it is doubtfull that this would shut down the global arms trade and create harmony amongst all people, it can show that the local people do not find it legitimate or acceptable in their community.
And as for driving out "innovation and high value industry from this country", does that hold whatever the product? instateing a maximum working week, or a minimum wage, or econological sustainability standards will all drive increase the price of production, and thus decrease the appeal of producing in Briton, but does that mean these are all useless? no because it is not all about production by of anything, by any means possible, as long as profit prevails