Discussion in 'General Chat' started by Barbs77, May 22, 2019.
British Steel another one bites the dust.....
Sad news for Scunthorpe
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.
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)
How much money has Failing Grayling wasted as Justice & Transport Secretary?
Motor manufacturing next. This country if fooked.
They've already lent it 120million and BS want another 75 million. The various options are outlined here:
British Steel: Three options for government
Was it fudgeed over by gr££dy thieving owners (Greybull), just like MG Rover's "Phoenix Four"?
Millions. But i made a fair wedge indirectly from his IT projects Did a lot of overtime over the last few years.
Good article here
British Steel’s future simply must be secured - The Yorkshire Post says
Exactly, there comes a point when enough is enough....
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?
it was some EU law which stated they couldn't bail them out if they wanted to
I doubt they would have done it anyway.
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.
yeah, given that we're 'supposed' to be leaving the EU then the government should have just went ahead and paid up, but no..
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?
Nationalize it, bail it out or let it die and get support in for the workers. Don't blame the EU.
Don't worried, as long as the fat cats are OK.
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.
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.
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?
Another fine mess this Country’s in.
I blame them for everything.
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.
Voter turnout figures are pretty low at the moment.
Not surprising as there’s not a lot to choose from out there. It’s only going to get worse I’m afraid.
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
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.
We should get ourselves into a huge trading bloc of our own so we stand a chance of competing.
yet still no one can compete not even america thats why trumps imposed tariffs on china.
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.
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