The ‘invisible hand’ won’t save the British steel industry. State aid can | Ian Greenwood
by Ian Greenwood from on (#18RA9)
While renationalisation of British steel is outlawed by the EU, the government urgently needs to take measures to rescue this strategically important industry
The announcement by Tata Steel that it intends to sell off its remaining UK steel operation is a body blow to the industry. The hope was that, with the promise of firm government commitment to the site, Tata would keep open the Port Talbot plant that employs 4,000 people, and supports 10,000 more jobs. The worst-case scenario of immediate closure has not been realised, and the focus now is on persuading Tata to provide the time needed for a buyer to be found.
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