'Wales Well Placed to Benefit from Economic Recovery' VISIT: Member of Bank of England's Monetary Policy Committee Says Country Has Converted Itself Well to Needs of Modern Economy

Western Mail (Cardiff, Wales), April 20, 2002 | Go to article overview

'Wales Well Placed to Benefit from Economic Recovery' VISIT: Member of Bank of England's Monetary Policy Committee Says Country Has Converted Itself Well to Needs of Modern Economy


Byline: ROBERT JONES

CAPABLE management and commercial resilience will see Wales well placed to benefit from the recovery in the world's economy, said Ian Plenderleith, a member of the Bank of England's Monetary Policy Committee yesterday.

Mr Plenderleith was making the last of his monthly visits to Wales as an executive director of the bank, before he retires later this year.

He said, "I think Wales in general, and South Wales in particular, is a paradigm of the way the economy, as a whole, has converted itself from traditional industries to the needs of a modern economy.

"One has seen the reduction of heavy industries in Wales, while witnessing a tremendous effort to attract indirect investment to build up businesses to replace them."

This, he said, had been successful because the ingredients necessary had been a work ethic coupled with a quality workforce to create a skills base.

The process had involved some social dislocation as people lost their traditional jobs and underwent retraining.

But the economic benefits had been tremendous as there was now a new industrial base to provide jobs for future generations.

Turning to tourism he said those in the tourist industry were optimistic about the year ahead and were well positioned to benefit form the expected upturn.

He said, "I was very impressed with the kind of ideas people have to expand when the opportunities arise. …

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