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Deloitte, which has 23 offices across the UK including Newcastle, is among the country's leading professional services firms » 
ClimateNE & Climate Change Schools Project support the move to a low-carbon, resilient economy and help businesses avoid risk and realise commercial opportunities. Posts by Jen Atkinson, Krista McKinzey and Harriet Thew » The recent mothballing of the Teesside Cast Products plant in Redcar told a wistful tale of the state of British industry.
The decision, which has left 1,600 people out of work, was taken thousands of miles away at the HQ of TCP's Indian owner, Tata.
The long drawn-out episode left people questioning the wisdom of foreign ownership on the grounds that Teesside could no longer control its own destiny.
Nor, it seems, can the rest of Britain.
The French and Germans own much of our power industry, the Spanish own our airports and Americans recently bought Cadbury - an iconic symbol of quintessential Englishness. Even our top football clubs are in foreign hands.
The situation has led Business Secretary Lord Mandelson to hint at a change in takeover laws that would make it harder for foreign companies to cherry-pick Britain's best assets.
But he's missing the point.
He should be welcoming these companies to our shores if they can demonstrate a sound plan to create jobs and wealth here.
International trade is a global business and British firms - not to mention those in Teesside - have benefited from the financial clout of their overseas parent.
Indian owners have ploughed cash into Hartlepool outsource specialist Respondez and Eaglescliffe's Tetley Tea.
And more than 180 jobs were saved when Artenius' plastics plant at Wilton was rescued from administration by Korean Lotte's KP Chemicals division.
In the year to last April, the North-east attracted 60 new foreign direct investment projects, generating more than ã200m for the local economy - indicating that for every Corus there will be several success stories.
A 'closed door' policy on foreign investment should be discouraged, although Mr Mandelson should gain prior assurances that the foreign parent will not set about axing jobs and disposing of assets on arrival.
He should also be helping more British champions bid for foreign competitors following UK insurer Prudential's ã23bn bid for the Asian arm of AIG.
If it comes off, the move would give the Pru a foothold in some of the fastest-growing economies in the world - yet the City is not convinced.
Pru's shares tumbled more than 10% following the announcement, highlighting a risk-aversion that threatens to scupper Britain's economic recovery.
Foreign investment is good for Britain but so is the reverse.
It's up to Mr Mandelson to convince business leaders that mergers and acquisitions are a two-way street.
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