RIP British Steel

Discussion in 'General Chat' started by Barbs77, May 22, 2019.

Tags:
  1. Barbs77

    Barbs77
    Distinguished Member

    Joined:
    Feb 21, 2015
    Messages:
    2,922
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    England
    Ratings:
    +3,760
    British Steel another one bites the dust.....

    Sad news for Scunthorpe
     
  2. MrFraggle

    MrFraggle
    Distinguished Member

    Joined:
    Jan 12, 2012
    Messages:
    3,987
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    Edinburgh
    Ratings:
    +6,159
    I think they only wanted 30 million which is a tiny drop in the massive ocean of cash the government flung at the banks. This failure could cost the country 20000/30000 jobs both directly and indirectly. Maybe they could change their name, include the word bank in the new one?
    A sad day indeed.
     
    • Agree Agree x 4
    • Like Like x 1
    • List
  3. hippo99

    hippo99
    Distinguished Member

    Joined:
    Feb 29, 2008
    Messages:
    17,019
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    163
    Ratings:
    +10,134
    So the government can spend £33m on compensation to Eurotunnel for Failing Grayling’s incompetence over the Brexit ferries, but can’t find £30m to save 20,000/30,000 jobs? Maybe they should rebrand as ‘British Steel ferries’ (don’t even need to actually have any ferries):facepalm:

    How much money has Failing Grayling wasted as Justice & Transport Secretary? :mad:
     
    Last edited: May 22, 2019
  4. k17chy

    k17chy
    Distinguished Member

    Joined:
    May 19, 2012
    Messages:
    6,095
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    Billy Elliot country
    Ratings:
    +3,540
    Motor manufacturing next. This country if fooked.
     
  5. IronGiant

    IronGiant
    Moderator

    Joined:
    Jun 7, 2003
    Messages:
    67,179
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    .
    Ratings:
    +47,695
    They've already lent it 120million and BS want another 75 million. The various options are outlined here:
    British Steel: Three options for government
     
    • Thanks Thanks x 2
    • Useful Useful x 2
    • Like Like x 1
    • List
  6. krish

    krish
    Distinguished Member

    Joined:
    Mar 8, 2005
    Messages:
    36,458
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    Astral Crescent, Zoovroozlechester, Betelgeuse V
    Ratings:
    +17,365
    Was it fudgeed over by gr££dy thieving owners (Greybull), just like MG Rover's "Phoenix Four"?
     
    Last edited: May 22, 2019
  7. mjn

    mjn
    Distinguished Member

    Joined:
    May 24, 2001
    Messages:
    24,428
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    Herts, England
    Ratings:
    +13,205
    Millions. But i made a fair wedge indirectly from his IT projects :D Did a lot of overtime over the last few years.
     
  8. mitchec1

    mitchec1
    Distinguished Member

    Joined:
    Jul 20, 2006
    Messages:
    3,882
    Products Owned:
    1
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    Birchington
    Ratings:
    +2,168
  9. Bl4ckGryph0n

    Bl4ckGryph0n
    Distinguished Member

    Joined:
    Sep 11, 2003
    Messages:
    43,557
    Products Owned:
    11
    Products Wanted:
    13
    Trophy Points:
    167
    Location:
    ::1/128
    Ratings:
    +16,862
    Exactly, there comes a point when enough is enough....
     
  10. hippo99

    hippo99
    Distinguished Member

    Joined:
    Feb 29, 2008
    Messages:
    17,019
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    163
    Ratings:
    +10,134
    But how much would the dole cost for 20,000-30,000 people, many then staying on for life and their children and grandchildren subsequently also going on the dole, and so on...probably talking similar amounts of money?
     
  11. reiteration

    reiteration
    Distinguished Member

    Joined:
    Mar 21, 2012
    Messages:
    10,595
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Ratings:
    +9,622
    it was some EU law which stated they couldn't bail them out if they wanted to :(
     
  12. MrFraggle

    MrFraggle
    Distinguished Member

    Joined:
    Jan 12, 2012
    Messages:
    3,987
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    Edinburgh
    Ratings:
    +6,159
    I doubt they would have done it anyway.
     
  13. krish

    krish
    Distinguished Member

    Joined:
    Mar 8, 2005
    Messages:
    36,458
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    Astral Crescent, Zoovroozlechester, Betelgeuse V
    Ratings:
    +17,365
    Especially when Greybull's partners already 'liberated' £6m in management fees, and their subsidiary Olympus Steel will be hustling for the repayment of their £154 million loan to BS + £30 million accrued interest (9%!!!!).

    These cowboys have form in 'rescuing' and ruining businesses but still making a lot of dough at our expense.
     
    • Agree Agree x 1
    • Sad Sad x 1
    • List
  14. reiteration

    reiteration
    Distinguished Member

    Joined:
    Mar 21, 2012
    Messages:
    10,595
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Ratings:
    +9,622
    yeah, given that we're 'supposed' to be leaving the EU then the government should have just went ahead and paid up, but no.. :(
     
  15. Desmo

    Desmo
    Distinguished Member

    Joined:
    Jan 4, 2001
    Messages:
    14,631
    Products Owned:
    1
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    Braintree, Essex.
    Ratings:
    +6,815
    And when do you stop? Do we constantly bail our badly run businesses?
    What if my small business is struggling? Can I go asking for cash?
     
  16. rustybin

    rustybin
    Distinguished Member

    Joined:
    Dec 13, 2006
    Messages:
    11,285
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    Manchester
    Ratings:
    +7,378
    Nationalize it, bail it out or let it die and get support in for the workers. Don't blame the EU.
     
  17. stblob

    stblob
    Well-known Member

    Joined:
    Sep 14, 2008
    Messages:
    1,860
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    86
    Location:
    Portsmouth
    Ratings:
    +453
    Don't worried, as long as the fat cats are OK.
     
  18. hippo99

    hippo99
    Distinguished Member

    Joined:
    Feb 29, 2008
    Messages:
    17,019
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    163
    Ratings:
    +10,134
    Yes, I completly understand that viewpoint, but lesser of two evils and all that.
    Bail out a loss making business that keeps 20-30,000 people in work or have those 20-30,000 (& future generations) on the dole doing nothing all day and prob all the health (physical and mental) problems/costs that will inevitably crop up as a result.
    Probably talking similar money in either scenario in the long term, so would lean towards the lesser of two evils.
     
  19. rustybin

    rustybin
    Distinguished Member

    Joined:
    Dec 13, 2006
    Messages:
    11,285
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    Manchester
    Ratings:
    +7,378
    Indefinite, extremely expensive long term problem which might encourage other businesses to do the same, vs extremely expensive short/medium term problem. Not an easy situation.
     
  20. IronGiant

    IronGiant
    Moderator

    Joined:
    Jun 7, 2003
    Messages:
    67,179
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    .
    Ratings:
    +47,695
    If it's correct that they wouldn't have had to pay their £120 million EU bill if we had left when we were supposed to, can we blame the UK Government? :)
     
  21. deantown

    deantown
    Distinguished Member

    Joined:
    May 14, 2007
    Messages:
    3,554
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    watford
    Ratings:
    +2,766
    Another fine mess this Country’s in.
     
  22. rustybin

    rustybin
    Distinguished Member

    Joined:
    Dec 13, 2006
    Messages:
    11,285
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    Manchester
    Ratings:
    +7,378
    I blame them for everything.
     
    • Like Like x 2
    • Agree Agree x 2
    • Thanks Thanks x 1
    • List
  23. Derek S-H

    Derek S-H
    Distinguished Member

    Joined:
    Jan 2, 2005
    Messages:
    3,798
    Products Owned:
    2
    Products Wanted:
    0
    Trophy Points:
    164
    Location:
    Brighton
    Ratings:
    +2,694
    It's okay, it's not in London so they can just ignore it.

    Somebody please remind me again about the money spent on HS2 and the benefits thereof?

    Governments (not just this one, all of them) are just so good at wasting public money for ideological purposes. I am amazed that anyone gets elected anymore.
     
  24. mjn

    mjn
    Distinguished Member

    Joined:
    May 24, 2001
    Messages:
    24,428
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    Herts, England
    Ratings:
    +13,205
    Voter turnout figures are pretty low at the moment.
     
  25. deantown

    deantown
    Distinguished Member

    Joined:
    May 14, 2007
    Messages:
    3,554
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    watford
    Ratings:
    +2,766
    Not surprising as there’s not a lot to choose from out there. It’s only going to get worse I’m afraid.
     
    • Agree Agree x 4
    • Useful Useful x 1
    • List
  26. shoestring25

    shoestring25
    Well-known Member

    Joined:
    Feb 2, 2003
    Messages:
    4,547
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    136
    Location:
    essex
    Ratings:
    +873
    I dont blame the EU i blame china they are flooding the world with cheap steel and no one else in the world can compete
     
  27. Derek S-H

    Derek S-H
    Distinguished Member

    Joined:
    Jan 2, 2005
    Messages:
    3,798
    Products Owned:
    2
    Products Wanted:
    0
    Trophy Points:
    164
    Location:
    Brighton
    Ratings:
    +2,694
    There's always Nigel (no, not our "Cheers, Nigel") offering a brave new dawn if we all just do one simple thing.

    Life really is that uncomplicated, apparently.
     
  28. rustybin

    rustybin
    Distinguished Member

    Joined:
    Dec 13, 2006
    Messages:
    11,285
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    166
    Location:
    Manchester
    Ratings:
    +7,378
    We should get ourselves into a huge trading bloc of our own so we stand a chance of competing.
     
    • Like Like x 1
    • Funny Funny x 1
    • List
  29. shoestring25

    shoestring25
    Well-known Member

    Joined:
    Feb 2, 2003
    Messages:
    4,547
    Products Owned:
    0
    Products Wanted:
    0
    Trophy Points:
    136
    Location:
    essex
    Ratings:
    +873
    yet still no one can compete not even america thats why trumps imposed tariffs on china.
     
  30. Sonic67

    Sonic67
    Distinguished Member

    Joined:
    Sep 14, 2006
    Messages:
    47,164
    Products Owned:
    12
    Products Wanted:
    1
    Trophy Points:
    167
    Location:
    Home
    Ratings:
    +26,625
    What are the EU rules about state aid?

    Do the rules prevent support for the steel industry?
    The EU Commission says too much steel is produced in Europe. As a result, it has been inclined to take a fairly tough line on state aid in this sector.

    In 2016 for example, the commission ordered Belgium to recover 211m euros in illegal state aid it had given to its steel industry.

    That does not mean all state aid is impossible, but the government would have to make a case that assistance was within the rules, or fell under one of the exemptions.

    One possibility would be to argue that the steel industry was essential for national security, but it is far from clear the commission would accept that.

    Would state aid be easier after Brexit?
    If the UK left the EU single market, it would no longer formally be bound by the EU's state-aid rules.

    However, the EU is concerned the UK could use Brexit as an opportunity to undermine the single market, by giving its companies an unfair advantage.

    The political declaration on the future relationship between the UK and the EU says it must "ensure open and fair competition" and that should include provisions to cover state aid - but Theresa May has repeatedly failed to get this through Parliament.

    In her Florence speech, in 2017, she said the UK and EU agree "trying to beat other countries' industries by unfairly subsidising one's own is a serious mistake".

    Aside from what is agreed with the EU, after Brexit, Britain will still belong to the World Trade Organization, which also has state-aid rules: members can impose tariffs - taxes on imports - on countries that excessively subsidise domestic industry.
     
    • Useful Useful x 2
    • Thanks Thanks x 1
    • List

Share This Page

Loading...