Engineers were much more important during the industrial revolution and after when most machines worked with coal and were steam driven. Building huge beam engines and steam trains and mechanical machines was important up to say the 1950s.
While we still do need engineers what I think is far more important today are people with electronics and computing knowledge.
While we may be good at research most of the great electronic and computing products are designed and built in the far east and the USA.
We took the lead in computers during the second world war with Colossus and Bletchly Park, but then destroyed all the computers (and their design sheets) at the end of the war and lost any lead we had in computers.
Our great era was the industrial revolution and people like Brunel (an immigrant - a Frenchman), Watt, Stephenson etc etc
We have been left behind in the 21st century
http://en.wikipedia.org/wiki/Colossus_computer