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Post by Deleted on Apr 6, 2016 7:04:32 GMT
Is there any end to this sorry state of affairs? the ridiculous situation of a British Government Minister flying out to Mumbai (Bombay) in order to prevent a "Fire Sale" of Tata Steel assets by the parent company, why not grow a set of balls and adopt the German Model of "vertical integration". Press reports say that a " u turn " regarding Tariffs is almost inevitable as the Tories wake up to the facts that the Steel Industry in the UK will be gone forever otherwise. Concern meanwhile mounts about whether the EU will scupper any Government rescue of the Business or the propping up of the Pension Fund which has a £2 Billion Black Hole and also that this Black Hole could be a major obstacle in any rescue deal. It doesn't end there of course,on the High Street BHS are inching towards extinction with another major pensions black hole while former owner Sir Phillip Green offers a paltry £87,000 to plug it.This from a Billionaire enobled for services to retail who after deciding the business was going nowhere hived it off for a £1. Perhaps if he wouldn't have been paying his wife Lady Tina all that money to "large it" in Monaco the future for the BHS retiree would have been better.The politics of envy you may say?I say that George Osbourne is never going to eliminate this deficit,he is going to beggar us all and the taxpayer will bail out the pension deficits,as always.
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Post by Clinton Cool on Apr 6, 2016 7:26:35 GMT
A 2 billion pension black hole? That's small change compared to the black hole in public pensions; around 1 billion a week and rising.
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Post by peterboat on Apr 6, 2016 8:44:19 GMT
1. David Cameron and his Etonian mates flog off cheap Britain's steel industry to an Indian with iffy reputation. 2. Indian says "Tata!" to Britain's steel industry as he flogs it for a profit. I did mention TATA over a year ago on Canalworld. Honestly, did you not see it coming? It was corus before tata and BSC before that. As bsc it was losing billions weekly nearly killed the country. We cannot compete against the chinese their wages are so low 40 ish squids a week against my friends 600 squids clear a week!!! We need to stop the chinese getting out technology so we become a high tech country to protect our industry PS nice to see you foxy did you get banned?
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Post by Deleted on Apr 6, 2016 8:54:58 GMT
The people of Redcar in Cleveland are watching this situation very closely given it was made abundantly clear to them that govt. intervention was not permissible. If the uk govt. step in to help port talbot there will be a degree of relief on Teesside for the workers but anger that the lack of help forthcoming for them at their time of need.
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Post by peterboat on Apr 6, 2016 9:07:16 GMT
The people of Redcar in Cleveland are watching this situation very closely given it was made abundantly clear to them that govt. intervention was not permissible. If the uk govt. step in to help port talbot there will be a degree of relief on Teesside for the workers but anger that the lack of help forthcoming for them at their time of need. It wont just be Cleveland that are upset Rotherham and Sheffield will be fizzing as well as the home of steel seems to be forgotten
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Post by Clinton Cool on Apr 6, 2016 10:34:06 GMT
Fair point re. the much higher wages in the U.K. Unless British workers are prepared to work for 40 quid a week and accept dangerous working conditions the steel industry, and possibly other heavy industry, is finished. Sad as it is for the workers, their families and their communities it's an economic fact of life that countries progress from farming and mining to manufacturing to where we're at: the tertiary, or service sector. Unless of course, a government could be elected that promotes higher taxes for all, in order to preserve various dying industries.
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Post by Deleted on Apr 6, 2016 12:18:29 GMT
The people of Redcar in Cleveland are watching this situation very closely given it was made abundantly clear to them that govt. intervention was not permissible. If the uk govt. step in to help port talbot there will be a degree of relief on Teesside for the workers but anger that the lack of help forthcoming for them at their time of need. There is one reason I think its inevitable they will step in and thats the Brexit.If they can trumpet any success and role Europe into that success then its a winner for the " IN " campaign. How long will any deal last though? Surely you can't defy Economic Reality as a previous poster has alluded to.
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Post by Deleted on Apr 6, 2016 12:19:50 GMT
Sorry as Peterboat said earlier.
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Post by peterboat on Apr 6, 2016 15:31:52 GMT
Are the Chinese 'Racist'? Perhaps the unemployed steel workers can spend their spare time now smoking opium? As Britain forced the Chinese to do. What goes around....comes back to bite u on the bum! We didnt force them Foxy we went to war with them when the chinese emperor tried to stop them and we won as well
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Post by naughtyfox on Apr 6, 2016 15:51:44 GMT
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Post by peterboat on Apr 6, 2016 16:13:09 GMT
Ha ha Foxy a good one, I had a drive in a nano in Goa it was ok but bought a Bajaj Tuk Tuk instead more fun to say the least!!
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Post by Deleted on Apr 6, 2016 18:58:52 GMT
Just reading in the Financial Tmes an Article saying that the Government should pause before agreeing any deal over the Tata businesses in order to make sure the business being suggested is a viable one. This Gupta chap who represents Liberty House the company interested in taking over the Tata assets wants the government to be responsible for the Enviromental Liabilities and also the hole in the pension fund.The business will do away with the coal fired furnaces and introduce electric arc furnaces to melt down scrap steel for recycling,this will need a reduction in energy costs.All in all it looks to me like this is going to cost the tax payer big time and with no guarantees.In these situations it must be great to be a capitalist dealing with an increasingly desperate government,you have them over a barrel.This scenario seems to have the DE LOREAN scent about it as far as I can see.
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Post by Deleted on Apr 10, 2016 6:58:39 GMT
I see the back peddling has already started regarding the rescue of these Steel Plants with the preferred bidder,how is he the preferred bidder? he is the only bidder,saying it doesn't matter if the plants are saved or not,he " isn't wedded to the deal " The issues he raises are the ones I quote in the post above,£1 billion in Enviromental Liability and £500 million in Pension Fund contributions.Watch this space is the phrase I believe.
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Post by Deleted on Apr 11, 2016 20:01:12 GMT
Media trumpeting the saving of Scunthorpe Steel Plant,even talk of government stake in the Industry, you have to wonder about it all. Apparently a contract is in place at Scunthorpe to supply French Railways, is that it? What do these venture capitalists know that TATA doesn't and if there is something to know,why were they the only bidder
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Post by peterboat on Apr 11, 2016 20:06:51 GMT
Just reading in the Financial Tmes an Article saying that the Government should pause before agreeing any deal over the Tata businesses in order to make sure the business being suggested is a viable one. This Gupta chap who represents Liberty House the company interested in taking over the Tata assets wants the government to be responsible for the Enviromental Liabilities and also the hole in the pension fund.The business will do away with the coal fired furnaces and introduce electric arc furnaces to melt down scrap steel for recycling,this will need a reduction in energy costs.All in all it looks to me like this is going to cost the tax payer big time and with no guarantees.In these situations it must be great to be a capitalist dealing with an increasingly desperate government,you have them over a barrel.This scenario seems to have the DE LOREAN scent about it as far as I can see. I was in NI when De Lorean went down I could have bought a kit for 5 grand but bought a clan instead such a mistake
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