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The orthodox supply-side human capital theory (HCT) paradigm is inadequate for understanding and adjusting to labour market volatility in UK regional economies like Wales. This article explores the role of regional labour market intermediaries (LMIs) in matching supply (skills) and demand (job opportunities) in regional labour markets. Some LMIs emerge because the HCT paradigm is failing. One Welsh LMI, Shaping the Future (StF), is explored empirically using qualitative methods. StF mainly adopted HCT tenets, but with some emergent demand-side focus. Despite helping workers adjust to labour market shocks, LMIs are not equipped to fix the structural demand-side problem of finite quality job opportunities in deindustrialized regions that accentuate skill use. A broader 'skill eco-system' paradigm is required, emphasising the foundational economy.

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This article tracks workers' responses to redundancy and impact on the local labour market and regional unemployment policy after the closure of a large employer, Anglesey Aluminium (AA), on Anglesey in North Wales. It questions human capital theory (HCT) and its influence on sustaining neo-liberal policy orthodoxy - focused on supplying skilled and employable workers in isolation from other necessary ingredients in the policy recipe. It is concluded that HCT and associated skills policy orthodoxy are problematic because supply of particular skills did not create demand from employers. Ex-AA workers faced a paradox of being highly skilled but underemployed. Some workers re-trained but there were insufficient (quality) job opportunities. In picking up the pieces after redundancy many workers found themselves part of a labour 'precariat' with little choice but to 'make do and mend'.

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