Word: leylands
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...also threatens to undermine the government's year-old program to rebuild Britain's battered economy. Summer grain and food crops are suffering, and food prices are certain to rise. Worse, the drought could force large segments of British industry into layoffs or shortened work weeks. British Leyland, for instance, fears the loss of as many as 1,000 jobs at a parts plant outside the Welsh capital of Cardiff. With unemployment at a postwar record of 1.5 million (6.4%), any further increase could jeopardize the government's wage-control agreements with organized labor. Len Murray, Britain...
...aiding companies in 30 as yet unselected "key sectors of industry" that are efficient and have prospects for rapid growth. Chrysler scarcely qualifies, and Wilson is loath to make a mockery of his new strategy before it even begins. Early this year the government took over the ailing British Leyland Ltd.; by helping Chrysler now it would be competing with itself and, government officials fear, subsidizing overcapacity in the auto industry. The government has lately refused to aid some home-grown industries, notably the motorcycle business; bailing out the British subsidiary of a U.S.-based company would raise a storm...
...Slater had known only success. Trained as an accountant, he got his first break when he answered a newspaper ad placed by a Danish businessman whose English companies were struggling. Slater straightened them out and moved on, eventually becoming the right-hand man of Lord Stokes, then head of Leyland Motors. There Slater developed a keen eye for companies whose assets were worth more than the value of their issued stock...
...home goes back more than 50 years, and has prevailed in times of prosperity as well as depression. Investment money pried loose has too often been channeled into inefficient industries. A recent government example: Labor's plan to pump some $2.3 million per day into the British Leyland Motor Corp., which is currently losing $264 million a year...
...leader of the movement is Anthony Wedgwood Benn, the Secretary of State for Industry. His policy, called "Bennery" by his many critics, is to force cash-squeezed companies to accept government control in return for government bailout money. His biggest takeover so far is of British Leyland, the nation's largest auto-and truckmaker (Austin Morris, Rover, Jaguar, Triumph), which could not raise funds for plant modernization. The Labor government has already committed $2.2 billion to Leyland, but the total outlay may exceed $6 billion. The rescue plan, however, does not call for cutting back employment, though overmanning...