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Post by Deleted on Apr 11, 2016 20:24:00 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. This is the thing many old gits like me don't realise. If those still working stopped paying into their pension schemes, we'd stop getting our 'guaranteed' pension payments. The bankers have used up most of the money we have paid into it over our working life. Another reason why it pays to treat our children nicely! |
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Post by Deleted on Apr 11, 2016 20:38:10 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 A Clan Crusader ? what engine was in that ? I can tell you still haven't recovered |
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Post by Deleted on Apr 13, 2016 18:45:44 GMT
I read tonight that Sajiv Javid has hinted at the use of British Steel in Defence Projects,
well one thing is for sure it is going to take a lot of Defence Projects to keep our Steel
Industry afloat.Is this just another example of Political Posturing by this Government,
I have pointed out in previous posts the German Model of vertical integration of the
Steel Industry and its clear to me that its going to take a lot more
than a few tanks on the back of a Fag Packet what is required is compulsory use by
British Industry and Defence of British Steel,and with the decline of our manufacturing base
you can see how hard this is going to be to achieve.
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Post by peterboat on Apr 13, 2016 19:51:33 GMT
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 A Clan Crusader ? what engine was in that ? I can tell you still haven't recovered its a hillman imp engine but mine was a chessman racing engine very quick to say the least |
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Post by Deleted on Apr 20, 2016 6:07:38 GMT
It seems now that Stuart Wilkie a director at Tata Steel now intends to launch a management buy out
of the Port Talbot plant in South Wales.He was previously one of the main people behind a survival
plan which was previously rejected by the Tata Board.I guess the next question is,what does he know
that Tata doesn't?
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Post by JohnV on Apr 20, 2016 7:15:16 GMT
Maybe he is prepared to look at profit margins that are low enough that investors shy away
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Post by Deleted on Apr 20, 2016 10:06:59 GMT
Maybe he is prepared to look at profit margins that are low enough that investors shy away I hear what you say John but where is the market for the end product and what about the Energy Costs involved in Production.if the Government does relax Energy Prices,that amounts to a subsidy which is against EU rules ?please correct me if I am wrong on that and what about our other struggling businesses? |
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Post by JohnV on Apr 20, 2016 10:16:07 GMT
I'm afraid you have the right of it. The drive for green taxes has placed a very unfair burden on industry.....Yet we need some of these industries for strategic reasons. I don't think it is sensible to allow them to close, If they go they will go for ever, that is a sobering thought for this countries future.
Sometimes you just can't help getting depressed.
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Post by Deleted on Apr 20, 2016 10:26:07 GMT
I'm afraid you have the right of it. The drive for green taxes has placed a very unfair burden on industry.....Yet we need some of these industries for strategic reasons. I don't think it is sensible to allow them to close, If they go they will go for ever, that is a sobering thought for this countries future. Sometimes you just can't help getting depressed. May I recommend a cold can of Special Brew with of course the proverbial Askit |
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Post by JohnV on Apr 20, 2016 10:31:00 GMT
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Post by Deleted on Apr 21, 2016 14:35:02 GMT
Well part nationalisation is the latest preference for Port Talbot,
what precedent will that set and what about these interested parties
that TATA revealed they are talking to?
What are the chances of a white knight emerging? nil I would say
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Post by Deleted on May 6, 2016 15:15:26 GMT
The deadline for declaring an interest in Port Talbot has now come and out of all
the proposed bidders,which at one time were supposedly many are in fact
only two.These are the already declared Indian Liberty Group and Excalibur the
proposed management team who said today they would be unable to meet the
Pensions Liability.Looks like the taxpayer will I guess, no matter who ends
up the eventual owner.My worry is, that this business carcass will be picked clean
claiming every subsidy and grant available and the end result will be closure anyway.
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Post by ammodels on May 7, 2016 21:25:34 GMT
What is a pensions black hole? Is it another word for the bosses having stolen funds out of the pension fund for A.N.other purpose?
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Post by Deleted on May 26, 2016 20:22:48 GMT
When you think about it,its a strange situation with this Port Talbot Steelworks,especially where Tata is concerned.
Here is a company operating the remnants of a former Nationalised Industry,they can't make the plant viable,they
have abdicated their responsibility to the Pension Fund and also the Enviromental Costs of cleaning up the site,yet
they are in the position of " Considering Offers "
Its about time the Government just simply wrote them out of the picture with no compensation whatsoever
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Post by Deleted on May 29, 2016 20:29:17 GMT
Its starting to emerge over this weekend that TATA are reconsidering putting their British Steel Business up for sale,
this development raises further hopes that Port Talbot can be saved.
Sources close to Tata Steel said its owners were assessing the performance of the UK operation and the Package of Financial
Support being made available by the British Government.
You have to smile.
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