When your ruling elite, including the government and the City, relies heavily on or sells off most of your country's essential assets, infrastructure projects, major industries and services to foreign investors, you lose control of your country's destiny, self-respect and sovereignty. This leaves you open to blackmail, compromising your moral imperative, your duty of care to and the prosperity of those working people who gave you power. You become a vassal state. This is the reality Wales is facing. But, having recently seen the demise of the last of our heavy industries here in south Wales, I believe that Wales, as a self-governing region, now has a unique opportunity to make a strong and realistic argument for developing our own Welsh industrial strategy based on greater autonomy and creating new opportunities for growth. This could be done through establishing a substantial Welsh Government Sovereign Wealth Fund using an increase in the Welsh Barnet formula and the Welsh Development Bank. I understand that loans taken out by this bank, which was launched in 2017 to provide various types of financing and investments to Welsh businesses, do not appear on the UK national debt. The UK now owns very little of its major essential manufacturing and trading companies (water, electricity and steel, for example), which have been sold off to international corporations by the City of London Financiers since Margaret Thatcher was in power. For example, the Associated British Ports owns the Port of Port Talbot, in south Wales, and is a key driver of the Cardiff and Newport Investment Zone. But its majority shares are owned by international pension and sovereign wealth funds in Canada and Kuwait, which means that the majority of all profits as dividends will leave our country, and our industry will become servants to whatever employment and working practices they impose. –Terry W Scales via our website |
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