The taxpayer will pick up the bill whether the steel industry goes into meltdown following Tata’s exit. The costs to devastated communities would be hugeLabour warned,in a three-hour emergency commons debate yesterday, that there are just 16 weeks to save Tata Steel’s UK plants. It’s a familiar trope. There’s always something that has to be saved within a certain timescale.
In this case, or Labour claims,Tata wants to sell within four months, leaving eight weeks for offers to be submitted and eight weeks for due diligence. Business secretary Sajid Javid says it’s nonsense. He says that Tata has pledged to keep the site open until a buyer is found. Which seems pretty indistinct and also pretty generous. Tata wants to sell because it’s losing around £1m a day on its UK operations. Why would it agree to sell at some unspecified time in the future?Continue reading...
Source: theguardian.com