quality:correction, quality:corruption
Post-Second World War

Cotton processing and trading continued to decline in peacetime, and the exchange closed in 1968. By 1963 the port of Manchester was the UK's third largest, 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. 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.

Regeneration began in the late 1980s, with initiatives such as the Metrolink, the Bridgewater Concert Hall, the Manchester 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.

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 1 ⁄ 2 mile (800 m) away. The cost of the immediate damage was initially estimated at £50 million, but this was quickly revised upwards. The final insurance payout was over £400 million; many affected businesses never recovered from the loss of trade.