Welsh job losses continue

In April 2008, I compiled a list of the job losses in Wales since May 2007.

Today, we saw 157 job losses announced at AB Electronics in Cardiff. Since the last tally in April, the following job losses have been announced

April
Corus, Llanelli, 300 jobs
Fenmarc, Wrexham, 190 jobs
Kimball, Bridgend, 160 jobs

May
Western Corrugated, Cwmbran, 60 jobs
Georgia Pacific, Bridgend, 46 jobs
Flexsys, Wrexham, 163 jobs
Nemo Personal Finance, 70 jobs
JCB, Wrexham, 56 jobs
David Mclean, 30 jobs

June
Kingspan, Blaenau Gwent, 59 jobs
Paramount Foods, Deeside, 150 jobs
Ventura, Cardiff, 600 jobs

July
Zurich, Cardiff, 70 jobs
AB Electronics, 157 jobs

That equates to over 1700 jobs in just over three months. This, of course, only covers major announcements and does not include any redundancies in construction and retail which have also been going on during the same period.

I believe the reality of the current position of the Welsh economy has yet to hit home. Yes, new jobs are being supported through WAG grants but they do not compensate for the employment lost within existing firms in Wales.

We need to rethink our economic strategy and work alongside existing firms based in Wales to examine how value can be added to their business so that they remain here to develop their new products or services. It costs companies nine times as much to attract new business as to keep existing ones and I am sure the same ratios apply to economic development.

Popular posts from this blog

THE IMPORTANCE OF FRANCHISING

THE IMPORTANT IMPACT OF STARTUPS ON THE WELSH ECONOMY

UNIVERSITIES NEED TO BE AT THE HEART OF THE ECONOMIC RENAISSANCE OF THE WELSH ECONOMY