About £200 billion was overseen by the coalition.
How many factors, quite a big common factor the Tories shut down the mines around the area I grew up and did **** all investment in the area.
The valleys are a European area of depression, there's a reason why the valleys has a stupidly high sucide rate.
If we were donating to the party I.e. bankers wed be bailed out till the upturn in the market but because we vote labour we get ****ed over by rich 'im alright jack' *****.
Don't worry I can't wait to be called doley scum, even though I have worked harder than any of these ***** in offices, in conditions people couldn't believed. It not like the pay was that good either, I hope people enjoy paying through the nose for cheap ****** quality steel.
How many factors, quite a big common factor the Tories shut down the mines around the area I grew up and did **** all investment in the area.
The valleys are a European area of depression, there's a reason why the valleys has a stupidly high sucide rate.
If we were donating to the party I.e. bankers wed be bailed out till the upturn in the market but because we vote labour we get ****ed over by rich 'im alright jack' *****.
Don't worry I can't wait to be called doley scum, even though I have worked harder than any of these ***** in offices, in conditions people couldn't believed. It not like the pay was that good either, I hope people enjoy paying through the nose for cheap ****** quality steel.
Sajid Javid just questioned whether the state would actually be allowed to give aid to the steel sector.
I don't remember the same question being asked when the banks were in a mess.
Probably because it wasn't the entire banking sector that was being propped up. Barclay's got capital from the middle east, HSBC just moved capital from elsewhere in the group, Standard Chartered didn't get involved and I think Santander may have gotten support from Spain but I don't remember. That's 3 of the largest UK banks and the other major UK retail bank
You could argue the support through the BoE was propping up the sector, but that was for the wider economy and mostly guarantees to encourage lending.
In any case, in the nicest possible way, even if the UK steel industry collapses and never revives, the overall impact on the UK economy is nothing to compare to the FS sector collapsing. People may not like it, especially in the traditional manufacturing areas, but unfortunately that's the truth.
I'm an engineer but all I see is market forces causing this. Steel is very cheap at the moment and if the UK business was viable it would have not have closed. There is a little bit of an opportunity with the Chinese investment as they will be looking for somewhere to put money in European steel to avoid the impending European tariffs that are going to be added to Chinese steel. The UK can live without a steel industry but unfortunately not without banks and people's money that are in them. Don't like it then put your money elsewhere.
I wasn't arguing for against bailing out the banks, I was querying Javid and his assertion that state aid may not be allowed.
I can't see why it would be allowed. State aid is generally prohibited by EU rules, banking issues weren't unique to the UK, steel industry issues are.
You do realise that the same company can make the same cheap crap that Chinese can make one blow and the high end alloy steel the next.
The main issue with steel making in the UK is chronic under investment, most of the steelworks are being run with modified old technology by companies wanting to make a maximum profit, this comes from foreign companies buying the order books of British companies.
The annoying thing is that the government is so adamant that it won't help but the rest of Europe is bending over backwards to support their steel industry. Accormital gets energy tariffs from the German government but ours raises them every year.
End of the day the steel works are in labour strongholds so the Tories won't give a ****, once the close they will be replaced by low skilled service sector jobs.
I know for a fact if the steel works in port talbot closes most of the younger skilled craftsmen will leave the country.
The Tories closed the pits
They closed the British car industry
They sold of the trains to their mates
They sold of the energy and water companies
And now they are destroying the steel industry.
I wonder how much money passed hands on the trip to sell the British infrastructure to the Chinese....
My work as far as I'm aware isn't importing steel but we have started importing aluminium from, China due to cost.
So expect the same down the line with, Alu.
The Tories closed the pits
They closed the British car industry
They sold of the trains to their mates
They sold of the energy and water companies
And now they are destroying the steel industry.
I do think there is an argument to be made for not being dependent on imports. From a national economic perspective and once industries like steel closed down completely it is a lot harder for them to start up again from nothing. They (the banks and gov) should definitely do some investigation in to how they can tick it over until oil price goes up again pushing up import costs. I think it is BS that the banks get bailed out and they spend trillions on farcicle projects like rail projects and windmills.
Banks make the UK far more money than the Steel industry.
We need to spend on rail, but windmills are pointless
the banks make more money for the banks not "the uk".
Yes they do - they also put billions into the UK coffers through tax
From what Ive heard on the news the owners have lost 600M in the last few years alone - real life people aside - throwing more money at it is just flogging a dead horse isn't it?
The UK needs to skill up and supply some value add as the east can supply basic raw materials at a fraction of the cost - really don't see the point competing with them