Govt.9 Jul 2018 09:48
Heralding the troubles we now see facing the British steel industry, SSI collapsed in late 2015 with the loss of over 2000 jobs in a region desperately in need of then. The industry had complained for many years of onerous business taxes that it claimed discouraged investment. Further, amid calls for support to secure jobs, our government demurred. However, they did offer an aid package of "up to £80m" available for those affected. In the face of Chinese pressure on steel prices, Cameron's Tories ruled out any state intervention at the plant and, in doing so, faced accusations from some MPs that whilst it was apparently ok to bail out bankers, the same level of support was not there for blue collar industries.
With that in mind, is it conceivable (even with this dysfunctional government) that the opportunity to secure thousands of well paid jobs for many decades to come - and at the very same location so many were lost - not to mention win some much needed political capital should be allowed to pass by? And not for want of any direct investment either, rather simply for providing a guarantee for which the Treasury will receive interest?
That would be signal a whole new level of incompetence to me. And as such, today’s news further underscores ST2 acquiring that ‘’essential’’ guarantee. All good stuff.
Regards,
per ardua ad astra