Amazing what having a functioning government can accomplish isn’t it.
British Steel was on the verge of bankruptcy thanks to orange faces tariffs so this is pretty much necessary now.
The only concern is how much do we have to pay.
I’m all for nationalisation but I begrudge laying companies a premium to take back things they fucked up.
British Steel was formed for £1 (presumably due to large debts and steel being unprofitable) then sold later onto this Chinese group for 70m.
Water companies were sold for 7.6n while the government paid the debt of 5bn and gave water companies a further 1.5bn so a fair price would be 0.9bn plus all capital investments over the last 37 years plus inflation – any debts. Which probably won’t be anywhere near what these companies want.
Now do the rail! And the water! And the energy! And the post office….
So the 600m thats already been paid to bail out british steel while kicking the nationalisation can down the road has been an absolute pointless waste of tax payers money.
How very governmental of them.
Missleading headline They are debating the possibility.
It’s because we need to be able to produce our own virgin steel for national security. If there’s a war we need to be able to build our own ships and tanks etc.
I’d like water and rail etc to be nationalised too, but they just don’t have the same vulnerabilities from a defence standpoint as we need them in peacetime too. The same can’t be said for steel.
The first industry that thatcher sold off is coming back to state.. hopefully more to come.
This is a complete waste of money.
Another useless decision from this utterly useless government.
The current owner claims losses of £700k per day. My memories of British Leyland, British Steel, British Coal (from the 1960s) is that the losses get even bigger when governments take over: politicians aren’t very good at running companies.
Should tax payers be paying this?
Prepare for comments that this is Parliament at its finest. As MPs dredge up every story of a time they spoke to a steel worker, played with mechano sets, the evils of China and finally Badenoch banging about brexit dividends again.
Literally forced to nationalise something lol
Good, it shouldn’t have been privatised or so many plants allowed to close in the first place. And now they have seen what not having a strategic national steel production capability looks like for trade and having to buy in or recycle and deal with idiots like trump playing roulette with markets
Should never have been sold in the first place.
Scotland is the only oil producing country in the world not to have a refinery. Freebie The Lier sold kech to the people of Grangmouth. The man who wears £100,000’s of clothes and glasses. Labour for the working Billionaires.
1980 was a great year for music. Wonder what record is next?
It’s a Critical National Infrastructure, if no one wants to keep it running the state must, not out of some misplaced sense of public ownership but because we need to make our own steel, I hope the Port Talbot blast furnace is included.
While they didn’t help out Port Talbot?
its a vital national resource our government has to keep it running.
I’m not a fan of state run stuff however I do think we need to secure our own steel production for national security purposes. So for that reason I hope we do take it over.
I live 20 minutes from Scunthorpe, this is actually really good. Locals are shitting bricks unsure how bad the economy will tank if the site is shut down and it is very well known that this is all due to corporate mismanagement and greedy
So yeah, this is objectively really good
Until they realise why they when,t private to begin with.
24 comments
At last they should have done this ages ago.
Awesome. Now do energy and water please.
Amazing what having a functioning government can accomplish isn’t it.
British Steel was on the verge of bankruptcy thanks to orange faces tariffs so this is pretty much necessary now.
The only concern is how much do we have to pay.
I’m all for nationalisation but I begrudge laying companies a premium to take back things they fucked up.
British Steel was formed for £1 (presumably due to large debts and steel being unprofitable) then sold later onto this Chinese group for 70m.
Water companies were sold for 7.6n while the government paid the debt of 5bn and gave water companies a further 1.5bn so a fair price would be 0.9bn plus all capital investments over the last 37 years plus inflation – any debts. Which probably won’t be anywhere near what these companies want.
Now do the rail! And the water! And the energy! And the post office….
So the 600m thats already been paid to bail out british steel while kicking the nationalisation can down the road has been an absolute pointless waste of tax payers money.
How very governmental of them.
Missleading headline They are debating the possibility.
It’s because we need to be able to produce our own virgin steel for national security. If there’s a war we need to be able to build our own ships and tanks etc.
I’d like water and rail etc to be nationalised too, but they just don’t have the same vulnerabilities from a defence standpoint as we need them in peacetime too. The same can’t be said for steel.
The first industry that thatcher sold off is coming back to state.. hopefully more to come.
This is a complete waste of money.
Another useless decision from this utterly useless government.
The current owner claims losses of £700k per day. My memories of British Leyland, British Steel, British Coal (from the 1960s) is that the losses get even bigger when governments take over: politicians aren’t very good at running companies.
Should tax payers be paying this?
Prepare for comments that this is Parliament at its finest. As MPs dredge up every story of a time they spoke to a steel worker, played with mechano sets, the evils of China and finally Badenoch banging about brexit dividends again.
Literally forced to nationalise something lol
Good, it shouldn’t have been privatised or so many plants allowed to close in the first place. And now they have seen what not having a strategic national steel production capability looks like for trade and having to buy in or recycle and deal with idiots like trump playing roulette with markets
Should never have been sold in the first place.
Scotland is the only oil producing country in the world not to have a refinery. Freebie The Lier sold kech to the people of Grangmouth. The man who wears £100,000’s of clothes and glasses. Labour for the working Billionaires.
1980 was a great year for music. Wonder what record is next?
It’s a Critical National Infrastructure, if no one wants to keep it running the state must, not out of some misplaced sense of public ownership but because we need to make our own steel, I hope the Port Talbot blast furnace is included.
While they didn’t help out Port Talbot?
its a vital national resource our government has to keep it running.
I’m not a fan of state run stuff however I do think we need to secure our own steel production for national security purposes. So for that reason I hope we do take it over.
I live 20 minutes from Scunthorpe, this is actually really good. Locals are shitting bricks unsure how bad the economy will tank if the site is shut down and it is very well known that this is all due to corporate mismanagement and greedy
So yeah, this is objectively really good
Until they realise why they when,t private to begin with.
Comments are closed.