British Steel - Insolvency



Remember when Labour gave the car industry in Scotland an illegal subsidy to keep going? Well when the EU found out they said either the government takes back the money and lets the car plant go under or they can lose jobs in the ship building industry as there was an over capacity in Europe and jobs needed to go. By then the Conservatives were then in control and they opted to close EVERY shipyard on Wearside. One of the conditions of the yard closures by the EU was that it would be ILLEGAL to build ships on Wearside for a period of 10 years. It's all in Hansards if you don't believe and want to google it.
Good luck on giving British Steel government money.
 
Tuono said:
Remember when Labour gave the car industry in Scotland an illegal subsidy to keep going? Well when the EU found out they said either the government takes back the money and lets the car plant go under or they can lose jobs in the ship building industry as there was an over capacity in Europe and jobs needed to go. By then the Conservatives were then in control and they opted to close EVERY shipyard on Wearside. One of the conditions of the yard closures by the EU was that it would be ILLEGAL to build ships on Wearside for a period of 10 years. It's all in Hansards if you don't believe and want to google it.
Good luck on giving British Steel government money.
Click to expand...

The Sunderland yards were close in order to keep open the Harland and Wolf yard in Belfast.
 
By all means Nationalise it for job and self sustainability reasons if everyone accepts up front that it is not an economically viable business and will be a money pit.

Unfortunately in the Global economy it just won't ever be a profitable business unless regulations and trade tariffs change.

The private sector will never sustain a loss making venture so only option would be to bring it in to public ownership acknowledging it will lose money.
 

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