Skip to comments.Blaming Brexit, British Steel collapses putting about 25,000 jobs at risk
Posted on 05/22/2019 6:14:33 AM PDT by Berlin_Freeper
Britain's second biggest steel maker collapsed on Wednesday, putting about 5,000 jobs at the company directly at risk, and threatening another 20,000 at suppliers.
The company was seeking a government bailout, but talks ended without agreement. The High Court ordered the company into compulsory liquidation, according to the government's Insolvency Service.
British Steel was reportedly seeking a government loan of £75 million ($95 million) to cover losses it said it suffered because European orders had evaporated due to the uncertainty surrounding Brexit.
"Unable to decipher the trading relationship the UK will have with its biggest market in just five months' time, planning and decision making has become nightmarish in its complexity," UK Steel, the industry's trade association, said in a statement.
(Excerpt) Read more at edition.cnn.com ...
We’re only making plans for Nigel
He has his future in a British steel
We’re only making plans for Nigel
Nigel’s whole future is as good as sealed
Nigel Farage claimed it was the European Commissions ban on state aid - governments propping up companies - that doomed British Steel.
The Brexit Party leader said in a debate this morning: Today the British Government is impotent we cant do anything to save British Steel because the European Commission wouldnt let us.
Theres no longer a position for you.
Its totally Theresa May’s fault. Her dithering, her stupidity, her half-in-half-out attitude is causing more chaos than BREXIT itself could.
A clean break, with WTO terms from the start would have made everything very clear.
The most incompetent, worthless PM, ever.
Sheffield, city on the move.
Sheffield was the city that got nuked in “Threads”.
The day before the election.
This is my shocked face. :-|
TaTa Industries of India is always in the market for British colonial companies. They bought Jaguar and Land Rover.
blame gloBULL warming rules and regulations. they’ll kill heavy industry every time. these payment never end.
BBC’s original headline for the following was simply “British Steel on verge of administration” but MSM is jumping on the nationalisation bandwagon today:
21 May: BBC: British Steel should be nationalised, urges Labour
In April, British Steel borrowed £100m from the government to enable it to pay an EU carbon bill, so it could avoid a steep fine
However, having already lent £100m to cover a genuinely Brexit-related carbon emissions bill further assistance to a private company struggling in a deeply challenged industry may be a precedent they would rather not set
21 May: Daily Mail: Battle to save 25,000 jobs at British Steel...
In April, British Steel secured a £100million loan from the government to pay its EU carbon bill and avoid a hefty fine.
The blocs trading rules mean industrial polluters can pay for their previous years emissions using carbon credits. Companies can also trade their credits to raise cash.
The EU suspended UK businesses access to free carbon permits alowing the emission of 1,000kg of CO2 until the ratification of a Brexit deal
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“Compulsory liquidation” seems totalitarian to me.
Here is an interesting article focused on how China is doing the dumping and why.
The EU bans governments propping up companies? hmm.... and Nigel wants government to prop and control companies?
The Tatas date to the 1840s - old family conglomerate
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