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More job losses in Wales

Yesterday, news arrived that the Italian firm Indesit - based at Bodelwyddan - had decided to close its North Wales plant with the loss of 305 jobs.

The question is whether other companies will now follow its lead?

In my opinion, the answer is yes, and we can expect many more overseas investors to begin retrenching and pull back to their home countries during the next six months, resulting in a further rapid fall in employment within well paid sectors of the economy.

Unless there is an unlikely upturn in economic fortunes over the next couple of months, there are numerous companies poised to close their operations in Wales resulting in thousands of further job losses.

More worryingly, if President Obama, as expected, goes ahead with his "America First" policies, then US businesses, which are the largest grouping of inward investors in Wales, may well reconsider their position and follow the lead of European firms such as Indesit.

Update: I hate to say I told you so but two other overseas companies have just announced major job losses - Novelis' aluminium sheet mill in Rogerstone, Newport, will close by the end of April with 440 job losses and Musashi Auto Parts has said that its factory at Blackwood will close with 124 job losses.

Comments

Draig said…
This comment has been removed by the author.
March 04, 2009 4:40 pm
Draig said…
Which all goes to highlight the manifest failure of the longstanding Tory/Labour inward investment strategy. Will any of these companies be obliged to repay the taxpayers money that attracted them here in the first place? I very much doubt it...
March 04, 2009 4:41 pm
Professor Dylan Jones-Evans said…
This comment has been removed by the author.
March 04, 2009 8:06 pm
Professor Dylan Jones-Evans said…
Hopefully you are not questioning an entrepreneurship academic's commitment to indigenous business which was there long before I joined a political party.

Of course, we can always start discussing tuition fees if you want to argue principles :)
March 04, 2009 8:07 pm
Anonymous said…
last one leaving Wales switch out the light -ohhhhhhh damn its already out .
March 04, 2009 9:33 pm
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