investment - buying bolt holes
WORKERS, JULY 2005 ISSUE
The ruling class is betraying Britain, abandoning Britain. It is investing abroad - which is actually just buying assets, or bolt holes, abroad. Some 60% of the members of the Engineering Employers' Federation say that they want to shift some or all of their production to China.
Overseas investment is not about developing resources, just exploiting them. The same is true of so-called inward investment. Malcolm Glazer's acquisition of Manchester United will doubtless be counted in Treasury statistics as £790 million worth of inward investment! (More than a third of the cost of Glazer's bid for the club is debt secured against United's assets, such as its Old Trafford stadium, while a further £275 million comes from loans from three US hedge funds.)