What the government gives, the government takes away. Newport Wafer Fab (NWF) was born in government and could well end up being hobbled by it, albeit by an administration of a completely different kind. The decision by business secretary Grant Shapps after just a few weeks in the job to force Nexperia to shed almost 90 per cent of its interest in the south Wales fab comes at a time when finding a buyer with the resources to maintain the level of investment promised by the owner, which is Chinese-owned but Netherlands-based, is a lot trickier than it was just a matter of months ago or indeed 16 months ago when the acquisition was waved through. However, Shapps was quick to argue in parliament that the act that allowed this decision only passed in January.

“From what we see, it looks like the government assumes that the site will be bought easily by somebody else who's going to retain the activities and the jobs, that the site will then supply UK businesses...