Tata Steel to sell UK all assets

[melthebell]

OK. they can invest the unions money and all the profits will make them all millionaires.

 

obviously Tata didnt think it'd work

[ECCOnoob]

We could ask Lloyds Bank to do it on our behalf.

 

They could cancel all executive bonuses to get things started.

 

90% of the bank is private so good luck trying to enforce that one.

 

Government has sold more than 75% of its stake ages ago.

[Guest sibon]

90% of the bank is private so good luck trying to enforce that one.

 

Government has sold more than 75% of its stake ages ago.

 

The UK taxpayer is currently over £4.5bn down on the Lloyds deal.

 

I can't see the Government underwriting Tata to a similar extent.

[taxman]

The UK taxpayer is currently over £4.5bn down on the Lloyds deal.

 

I can't see the Government underwriting Tata to a similar extent.

 

Why would they care about some grubby steel workers, all overalls and grime and dirty hands? Whereas their friends in the banking sector, Sir this that and the other, are much more the cut of their jib.

[ECCOnoob]

They are making huge losses. People are not buying their product.

 

How long can you keep flogging such a thing.

 

Its struggling because steel is being made cheaper and more efficiently elsewhere. We the public demand cheaper and cheaper goods. The suppliers have to lower their bottom lines. The manufacturers have to ship out their operations abroad to cut costs.

 

Round and round it goes.

 

Banks may well be the root of all evil but Lloyds failing was not an option. People's personal finances in terms of both cash and credit facilities were tied up in there. Businesses had not only the liquid funds but their entire credit lines for stock, assets, payroll, premises tied up in there. The effects of a bank failing is far far wider than the cherry picked panto villians the press like to spread.

 

Its not the same thing.

 

Corbyn and all the union windbags doing the usual guff I see "we will not allow this to happen" "the government must protect jobs".... blah blah.

 

Want to keep British Jobs and British Industries. Buy British then.

Edited March 29, 2016 by ECCOnoob

[Tim1]

Will our Tory government buy it?

 

It's loosing 1 million a day!

[Guest sibon]

They are making huge losses. People are not buying their product.

 

How long can you keep flogging such a thing.

 

Its struggling because steel is being made cheaper and more efficiently elsewhere. We the public demand cheaper and cheaper goods. The suppliers have to lower their bottom lines. The manufacturers have to ship out their operations abroad to cut costs.

 

Round and round it goes.

 

Banks may well be the root of all evil but Lloyds failing was not an option. People's personal finances in terms of both cash and credit facilities were tied up in there. Businesses had not only the liquid funds but their entire credit lines for stock, assets, payroll, premises tied up in there. The effects of a bank failing is far far wider than the cherry picked panto villians the press like to spread.

 

Its not the same thing.

 

Banks failing was not only an option, it was the correct option. Economically and morally.

 

We could have easily bailed out the account holders, whilst letting the bankrupt banks crash. We chose not to and transferred huge amounts of taxpayers cash to bank executives, by underwriting their undeserved salaries and bonuses. We've also created a climate where these same people no longer fear losing their livelihoods, no matter what they do.

 

I'd say that it was in the national interest to maintain a steel industry (and an energy industry). I doubt very much that a steel worker in Port Talbot will resonate as well with the political elite as a banker in the City of London.

 

That's a shame and a reason why people are growing to mistrust mainstream politicians.

[ECCOnoob]

Tragic as it may be its the same faux reaction every time an industry fails.

 

In the 70s/80s people stopped buying British cars because they were badly made and unreliable. Foreign brands and ourseas made flooded in and we all lapped them up. .... Leyland and Rover collapse and suddenly its waaa waaa why didn't someone save the car industry.

 

In the 80s the Sinclair and Acorn groups revolutionised the world computing market. Not to mention hundreds of other small operations all embracing the revolution of the computer market. Suddenly their products failed to keep up with trends and became a laughing stock. HP/Microsoft and Apple come flooding in from abroad and we lapped them up. Suddenly its waaa waaa what happened to our technology industry.

 

In the late 80s/early 90s the final dying cough of the National Coal Board was heard. Everyone was delighted by the modern marvels of gas central heating and the new world of all electric storage and block. Next minute its waaa waaa what happened to our coal industry. Why didn't the wicked witch do something.

 

Now we had the 00s the shopping mecca with clothing, electronic and household goods flooding in for less than a pound. The era gave birth to pound shops and we lap up the thousands of lines of bargain basement clothing, toys, electronics and homewares from our superstores and warehouses. waaa waaa. what's happened to our steel industry. waaa waaa why is our high street stores dying.

 

I don't need to point out the obvious pattern here.

Edited March 29, 2016 by ECCOnoob

[Guest sibon]

And yet, we managed to treat the basket case that was the financial sevices industry in a totally different way.

 

We are also incredibly protectionist towards the legal profession.

 

Let's sit back and ponder that for a moment.

[ECCOnoob]

Banks failing was not only an option, it was the correct option. Economically and morally.

 

We could have easily bailed out the account holders, whilst letting the bankrupt banks crash. We chose not to and transferred huge amounts of taxpayers cash to bank executives, by underwriting their undeserved salaries and bonuses. We've also created a climate where these same people no longer fear losing their livelihoods, no matter what they do.

 

I'd say that it was in the national interest to maintain a steel industry (and an energy industry). I doubt very much that a steel worker in Port Talbot will resonate as well with the political elite as a banker in the City of London.

 

That's a shame and a reason why people are growing to mistrust mainstream politicians.

 

...and the Shareholders, investment funds, pensions, credit lines, mortgages, loans tied up with thank bank? What exactly would happen to them.

 

Do you think it would do the public good to suddenly get a letter from an Administrator advising that their £100k mortgage must now be paid back in full.

 

Do you think it would do a business some good to suddenly be told that their lines of credit with their suppliers and contractors are immediately ceased.

 

As for salaries, you don't just stop paying someone. Rightly or wrongly those executives had a contract which entitled them to X salary and/or bonus.

 

Its not as easy to say, let if fail.

 

---------- Post added 30-03-2016 at 00:03 ----------

 

And yet, we managed to treat the basket case that was the financial sevices industry in a totally different way.

 

We are also incredibly protectionist towards the legal profession.

 

Let's sit back and ponder that for a moment.

 

What do you mean protectionist towards the legal profession?