I believe it did great harm, which the UK industry has still not fully recovered from. Two 'brands' were relentlessly elevated above all other products, not because they were superior products but because of ideological...and ultimately money-making.....positions.
Other, better products (sometimes) could not get a fair hearing. It was audio's version of Mao's little red book. If you didn't buy Linn and Naim you were nothing. Even worse, superior products from other nations (not least Japan) were patronised and ignored. the result was an insular, uncompetitive British audio industry. Frankland was right in the middle of all this.
You still see the backround radiation in the pfm forums; lost souls still clinging to the wreckage of the LP12, Naim-guys desperate to find a new boat to sail in (Teddy Pardoe seems the likely beneficiary).
We do achieve great brands, but they are not the ones that create the followers; Harbeth, Spendor, Rega, SME, Michell, Roxsan, Avid and so on. Still mainly British owned too. I hope we never return to that 'I'm in with the in-crowd ' nonsense.