2 w. ago Cost of taking over British Steel rises to £235m, government says

Taxpayers have been footing bill for loss-making company since April as minister acknowledges threat of EU tariffsThe cost of taking control of British Steel has risen to £235m, the UK government has said, as it acknowledged concern over the threat of EU tariffs that could significantly harm the business.The government passed emergency legislation in April to take control of British Steel amid fears that its Chinese owner, Jingye Steel, was planning to walk away from its Scunthorpe steelworks. Continue reading...

Economics

3 w. ago We all know Brexit’s to blame for the crisis facing UK steel

With British industry faltering, the excuse that the public wants this is risible. Parliament must force Starmer to actWhile Keir Starmer fiddles in India, Rome burns. The British steel industry now faces a calamity so severe, insiders say it could be “terminal”. The vast majority – 80% – of its output is exported to the EU, which this week revealed plans to cut tariff-free steel import quotas by almost half. The remainder will be subject to a 50% tariff. The UK steel industry will be butchered. Thank you, EU. Thank you, Brexit.Whenever I meet politicians who championed Brexit nowadays, I ask them a simple question: do you still think you were right? A few fools mutter, “Yes, on balance” and “In the long term, perhaps.” The honest ones shrug and look uncomfortable. We can all accept that some day a new generation of British politicians will resume open trade across the Channel. It is normal for an island, and makes sense. So I ask the honest ones: why not go public? Make a headline,...

Events

3 w. ago We all know Brexit’s to blame for the crisis facing UK steel – it’s time for politicians to be honest and reverse it | Simon Jenkins

With British industry faltering, the excuse that the public wants this is risible. Parliament must force Starmer to actWhile Keir Starmer fiddles in India, Rome burns. The British steel industry now faces a calamity so severe, insiders say it could be “terminal”. The vast majority – 80% – of its output is exported to the EU, which this week revealed plans to cut tariff-free steel import quotas by almost half. The remainder will be subject to a 50% tariff. The UK steel industry will be butchered. Thank you, EU. Thank you, Brexit.Whenever I meet politicians who championed Brexit nowadays, I ask them a simple question: do you still think you were right? A few fools mutter, “Yes, on balance” and “In the long term, perhaps.” The honest ones shrug and look uncomfortable. We can all accept that some day a new generation of British politicians will resume open trade across the Channel. It is normal for an island, and makes sense. So I ask the honest ones: why not go public? Make a headline,...

Politics

3 w. ago EU plans to double steel tariffs poses 'existential threat' to industry in Wales

The Welsh Government said the EU's steel plans are 'extremely concerning'

Events

3 w. ago British steel facing ‘existential threat’ after EU hikes tariffs

Sir Keir Starmer said he is in talks with both the US and EU about the tariffs, which industry figures say is ‘the biggest crisis the UK steel industry has ever faced’

Events

3 w. ago UK steel manufacturers face ‘existential threat’ from EU tariff hikes

The European Commission plans to double tariffs on steel to 50% and reduce tariff-free import volumes.

Economics

3 w. ago British steel industry faces 'existential threat' as EU hikes tariffs to 50%

Move could be even more damaging than Donald Trump's tariffs as Europe accounts for more than three quarters of the UK's steel exports.

Events

3 w. ago EU plan to match Trump steel tariffs spurs ‘existential threat’ to UK steel industry

Alarm sounds over plan in Brussels to double import tariff to 50% with four-fifths of UK exports heading to EuropeThe EU has announced it will match Donald Trump’s steel tariffs, doubling levies on imports to 50% in a move condemned as “an existential threat” to the industry in the UK.With 80% of British exports going to the EU, the change poses the UK steel industry’s biggest ever crisis, according to the lobby group representing the sector. Continue reading...

Politics