Re: British Steel? Timing?
Originally Posted by
fender
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Sure I heard on the radio today that the Gov could not loan them any money due to EU rules???
Hi
It was stated in the House of Commons, by a Govt Spokesperson, that the money could not be lent because of both EU and WTO Rules.
What was not stated that this was because we already lent them money in a such a manner as to prohibit a second loan.
The first loan was for £120 million, only a few weeks ago, to a company which is now insolvent, British Steel.
Shortly after British Steel was given the loan it went into a 50/50 buyout of an insolvent French steel mill.
The other partner was the French Government.
This saved the French steel mill and its employees jobs.
This was legal under both WTO and EU Rules.
In the few weeks between the loan being given to British Steel by our Government and British Steel was declared insolvent, the French Steel Company was separated from British Steel and is now owned by Greybull.
It will not be affected by British Steel going bust.
So we have screwed up big time, been totally outwitted by the French Government and our money has been used to save a French Steel Mill whilst ours has gone bust with a £120 million Public Loan .
Our Government is useless and we have nobody to blame except ourselves.