At the end of last month, Richard Godfrey, a senior lecturer in economics at the Cardiff School of Management, was asked by the Western Mail what his thoughts were regarding the sale of Jaguar and Land Rover to the Indian company Tata. Mr Godfrey said that the sale represented "grim news". Well, perhaps, perhaps not. After all, the deal just exchanges one foreign owner, Ford, for another. Furthermore, unless Tata plans to move both operations to Mumbai 'lock, stock and barrel', which it shows no sign of planning to do, the sale should be regarded as an expression of confidence in UK manufacturing.
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