The past few months have seen one part of the UK economy, the steel industry, grabbing the news headlines for mainly the wrong reasons.
India’s Tata Steel announced that it plans to ”sell its UK steel business, putting thousands of jobs at risk, is the latest blow to an industry which has seen a succession of job cuts.”
Moreover at the start of this year, Tata, which currently employs 15,000 in the UK, announced plans for 1,050 job cuts, on top of the 1,200 it axed in October 2015 and the 720 it cut last summer.
According to the BBC, ”The government says it is ready to offer support to secure a buyer to save Port Talbot steelworks, where thousands of jobs are at risk.”
Furthermore, ”Business Secretary Sajid Javid said he did not think nationalisation was the solution, but did not rule it out.”
”He said any buyer would want to look at “plant, pensions and power supply” – which ministers were ‘working on’.”
Its understood that Tycoon Sanjeev Gupta has been in touch with the government, over a potential purchase.
What’s your view of the UK Steel Industry’s problems?
Is nationalising the steel industry to the public the best solution? How fast will this issue be acted upon by cabinet ministers, and committee members? Will the UK Steel Industry overcome it’s sorrows anytime soon?
Comment below your views in the comment section.