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"On the supply side, the problem is that all measures taken by the local or national governments are going against landlords," says Mr Villén.

“We will keep fighting to extend tax measures that encourage investments by studios,” he said during his speech.

Cardiff Met, which employs around 1800 staff according to the latest data, said it had already implemented a range of measures to minimise the need for compulsory redundancies, but further reductions were required.

"Senedd ministers must commission an urgent engineering review of this stretch of road to fully assess the risks and identify what measures can be taken to avoid more lives being lost," he said.

She said the IMF was still looking into the "macroeconomic implications" of the measures and stressed the need to avoid actions that could do more damage to the global economy.