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We need investment to fuel our economy.

JEREMY Corbyn and John McDonnell mean the best, I know, but their dismissive and derisive attitude to their opposite's plans to lower corporate taxes and remove tariffs is, I believe, misplaced.

Let me explain. It's when they say that they do not want Britain "turned into a bargain basement" that I am reminded of a lunch in another country some years ago.

The new managing director, a smart and confident charming personable young man announced that the elegant centuries-old department store would no longer be a "bargain basement". All sale signs would come down and the store would return to its former image of a "carriage trade" store, focusing on upmarket quality.

I reminded him that volume had increased, and with that volume, employment had been substantially increased and the customer base was broader and larger than before with sales substantially more developed to underwrite overheads and maintain full employment - and, I asked, how then would he manage to cover those increased overheads if he abandoned everything in favour of curtailing the volume of sales merely to appeal to elite spending? My earnest warnings went unheeded and a year or more later - after sales and profits plunged - he was fired, and the store was sold.

I hope I am not being too obscure in this analogy.

We desperately need inward investment by the multinationals to fuel our economy and create jobs. It is not politicians who create jobs. Politicians can help by paving the way for inward investment by stripping out impediments and rolling out the welcome mat.

Especially now that we are no longer the recipient of EU project funding which, it is estimated, has given Wales [euro]653-747m per year.

Michael Lewis Llandaff

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Publication:Western Mail (Cardiff, Wales)
Date:May 9, 2017
Words:285
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