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Pastimes : The Hot Button Questions:- Money, Banks, & the Economy

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To: maceng2 who wrote (56)	10/4/2002 12:14:06 PM
From: maceng2	Read Replies (1) of 1417

JOBS: Great cartoon in the Times today timesonline.co.uk timesonline.co.uk images.thetimes.co.uk [In Britain we pay 17.5 percent VAT on everything so people are tempted to do house maintenance themselves and save on the VAT of professional work. In may cases the work is of a sub standard quality. Now onto the UK economy...] Jobs go in Czech move by Black & Decker By Carl Mortished BLACK & DECKER is moving its power tool assembly and packaging operations from the UK to the Czech Republic, with the loss of 950 jobs in Co Durham. The US company blamed competition from low-cost imports from the Far East. Black & Decker is following a well-trodden path to the former Soviet bloc states of Eastern Europe where skilled workers can be hired at a fraction of Britain’s minimum wage. In the Czech Republic the average manufacturing wage per hour, including benefits, is about $2 compared with more than $15 in the UK. Wages in Hungary are equally competitive and LG Philips recently transferred production of TV tube components to Slovakia where assembly line workers are available at $1.41 per hour. Some manufacturers are ready to leave Europe altogether in search of cheap labour. Dyson, the vacuum cleaner firm, has switched production to the Far East where costs are lower still. In China, a factory worker’s hour sells for just 53 cents.

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