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| Tata steel crisis: UK is 'ringleader' against Chinese dumping sanctions - live | Tata steel crisis: UK is 'ringleader' against Chinese dumping sanctions - live |
| (35 minutes later) | |
| 8.53am BST | |
| 08:53 | |
| Could nationalising the UK steel industry work? | |
| Plenty of people are pointing out that Tata UK’s losses of £1m per day are dwarfed by the multi-billion pound cost of rescuing the banks in 2008. | |
| David Cameron says it’s not the long-term answer, but we should remember that a previous Conservative prime minister, Edward Heath, showed that nationalisation can work. | |
| Our economics editor Larry Elliott explains: | |
| In 1971, Whitehall stepped in after Rolls-Royce went into receivership. | |
| The nationalisation of Rolls-Royce counters the argument that state rescues are always about bailing out “lame ducks”. Heath took a gamble that the company had failed due to the unexpectedly high costs of developing a new, advanced RB211 jet engine but had a long-term future. | |
| Rolls-Royce came through its temporary difficulties and became one of Britain’s few genuinely world-class companies. After 16 years under public ownership, it was privatised by Margaret Thatcher’s government in 1987. | |
| Related: Public ownership of Tata Steel could work – just look at Rolls-Royce | |
| And if all else fails... | |
| Brilliant ! British steel crisis — Cartoon Kipper Williams in The Guardian — https://t.co/0YWjykBp5S pic.twitter.com/gMvTG2s6xB | |
| 8.39am BST | |
| 08:39 | |
| Unions demand Britain stops protecting Chinese steel | |
| Union leaders are going to urge business secretary Sajid Javid to stop blocking higher tariffs on Chinese steel, when he arrives in Port Talbot today. | |
| Unite Wales secretary Andy Richards says that warm words and PR photocalls simply won’t cut it; Javid must take action: | |
| Richards says: | |
| “When he meets steelworkers, Sajid Javid needs to commit to ensuring British steel can compete on a level playing field by promising to drop his opposition to higher EU tariffs of cheap Chinese steel and honour the commitments to help with energy costs which were quietly watered down by George Osborne in his budget. But most of all he needs to signal his commitment to steel and manufacturing by promising to back British steel with a line of financial support to get it through these dark days. | |
| This crisis goes beyond Wales, Richards adds. The whole UK steel industry is in crisis. | |
| He needs to look workers in the eye, not just at Port Talbot, but at sites across Tata Steel from Shotton and Llanwern, to Rotherham and Corby and say your government backs you. A failure to do so will leave workers feeling his visit to Port Talbot is nothing more than an empty PR stunt and intensify the need for David Cameron to take personal control in securing a future for the UK steel industry.” | |
| Updated | |
| at 8.40am BST | |
| 8.14am BST | 8.14am BST |
| 08:14 | 08:14 |
| It’s another morning of bad front pages for the UK government. | It’s another morning of bad front pages for the UK government. |
| Both the Times and the Financial Times are splashing on accusations that Britain undermined efforts to protect Europe against imports of cheap Chinese steel. | Both the Times and the Financial Times are splashing on accusations that Britain undermined efforts to protect Europe against imports of cheap Chinese steel. |
| Friday's FT:UK accused of blocking EU move to shut out cheap steel that hurt Tata#tomorrowspaperstoday #bbcpapers pic.twitter.com/zlt2Zpjr4v | Friday's FT:UK accused of blocking EU move to shut out cheap steel that hurt Tata#tomorrowspaperstoday #bbcpapers pic.twitter.com/zlt2Zpjr4v |
| Friday's Times front page:Steel crisis blamed on desire to woo Beijing#tomorrowspaperstoday #bbcpapers pic.twitter.com/tCtApoIrgx | Friday's Times front page:Steel crisis blamed on desire to woo Beijing#tomorrowspaperstoday #bbcpapers pic.twitter.com/tCtApoIrgx |
| 7.57am BST | 7.57am BST |
| 07:57 | 07:57 |
| Steel industry: UK is ringleader against China steel clampdown | Steel industry: UK is ringleader against China steel clampdown |
| Britain has been accused of deliberately undermining efforts to protect Europe’s steel industry from a deluge of unfairly cheap steel from China. | Britain has been accused of deliberately undermining efforts to protect Europe’s steel industry from a deluge of unfairly cheap steel from China. |
| In an embarrassing development for the UK government, European steel industry has said Britain has been the ‘ringleader’ in a move to prevent higher tariffs being imposed on cheap Chinese steel imports. | In an embarrassing development for the UK government, European steel industry has said Britain has been the ‘ringleader’ in a move to prevent higher tariffs being imposed on cheap Chinese steel imports. |
| Charles De Lusignan, spokesperson for the European Steel Association, has told Radio 4’s Today Programme that: | Charles De Lusignan, spokesperson for the European Steel Association, has told Radio 4’s Today Programme that: |
| We have been talking about the lifting of the lesser duty rule in particular for a long time. The fact is that the UK has been blocking this. | We have been talking about the lifting of the lesser duty rule in particular for a long time. The fact is that the UK has been blocking this. |
| They’re not the only member state, but they are certainly the ringleader in blocking the lifting of the lesser duty rule. | They’re not the only member state, but they are certainly the ringleader in blocking the lifting of the lesser duty rule. |
| The Commission has been pushing to lift the lesser duty rule since 2013, De Lusignan continues, in an attempt to prevent the ‘dumping’ of steel on the European market. | The Commission has been pushing to lift the lesser duty rule since 2013, De Lusignan continues, in an attempt to prevent the ‘dumping’ of steel on the European market. |
| The fact that the UK continues to block it means that when the government says its doing everything it takes to save the steel industry in the UK and in Europe It’s not. It’s simply not true. | The fact that the UK continues to block it means that when the government says its doing everything it takes to save the steel industry in the UK and in Europe It’s not. It’s simply not true. |
| Currently, the EU sets a tariff of up to 16% on dumped Chinese cold-rolled steel – a high-value product used to make car parts, household appliances and furniture . America, though, imposes fixed duties of 266%. | Currently, the EU sets a tariff of up to 16% on dumped Chinese cold-rolled steel – a high-value product used to make car parts, household appliances and furniture . America, though, imposes fixed duties of 266%. |
| De Lusignan also insists that European steel workers are losing their jobs because Chinese steel mills are selling steel here for less than the cost of making it. | De Lusignan also insists that European steel workers are losing their jobs because Chinese steel mills are selling steel here for less than the cost of making it. |
| His comments echo points made to the Guardian last month by his boss, Axel Eggert, director general of the European Steel Association. | His comments echo points made to the Guardian last month by his boss, Axel Eggert, director general of the European Steel Association. |
| Eggert told our Brussels correspondent, Jennifer Rankin, that the UK was fighting attempts to retaliate against cheap steel from China. | Eggert told our Brussels correspondent, Jennifer Rankin, that the UK was fighting attempts to retaliate against cheap steel from China. |
| “The UK is the big opposing member state and is the driving force against the opposition of the lifting of the lesser duty rule, so it would be crucial that the UK would lift its opposition.” | “The UK is the big opposing member state and is the driving force against the opposition of the lifting of the lesser duty rule, so it would be crucial that the UK would lift its opposition.” |
| Eggert was also surprised that the UK, which is “often closer to the US than the EU” did not share the US view on trade defence. | Eggert was also surprised that the UK, which is “often closer to the US than the EU” did not share the US view on trade defence. |
| As he put it: | As he put it: |
| “Why doesn’t the US have such a strong position to implement fair trade and why does the EU not have this.” | “Why doesn’t the US have such a strong position to implement fair trade and why does the EU not have this.” |
| Something for Sajid Javid to answer in Port Talbot today...... | Something for Sajid Javid to answer in Port Talbot today...... |
| Updated | Updated |
| at 8.19am BST | at 8.19am BST |
| 7.37am BST | 7.37am BST |
| 07:37 | 07:37 |
| The agenda: Business secretary to visit Port Talbot | The agenda: Business secretary to visit Port Talbot |
| Good morning and welcome to our rolling coverage of the world economy, the financial markets and business. | Good morning and welcome to our rolling coverage of the world economy, the financial markets and business. |
| Britain’s steel crisis rumbles on, with no signs of a breakthrough that could save tens of thousands of jobs across the troubled industry. | Britain’s steel crisis rumbles on, with no signs of a breakthrough that could save tens of thousands of jobs across the troubled industry. |
| Business secretary Sajid Javid is expected to visit Port Talbot today after (finally) returning to the UK from his visit to Australia (possibly with a non-too-impressed teenage daughter in tow). | Business secretary Sajid Javid is expected to visit Port Talbot today after (finally) returning to the UK from his visit to Australia (possibly with a non-too-impressed teenage daughter in tow). |
| Having aborted his visit Down Under on Wednesday, the under-fire Javid will be meeting with workers, managers, unions, MPs and members of the Welsh government today. | Having aborted his visit Down Under on Wednesday, the under-fire Javid will be meeting with workers, managers, unions, MPs and members of the Welsh government today. |
| His message -- that ministers are doing everything they can to secure the long-term future of the company and steel industry. | His message -- that ministers are doing everything they can to secure the long-term future of the company and steel industry. |
| Stung by criticism of being ‘asleep at the wheel’, the government has already started looking for a buyer for Tata UK’s assets. | Stung by criticism of being ‘asleep at the wheel’, the government has already started looking for a buyer for Tata UK’s assets. |
| Nationalisation, is seems, has been ruled out - despite the Labour Party calling for an immediate show of support for steel. | Nationalisation, is seems, has been ruled out - despite the Labour Party calling for an immediate show of support for steel. |
| Related: Tata Steel: ministers start hunt for buyers for British assets | Related: Tata Steel: ministers start hunt for buyers for British assets |
| Also coming up today: | Also coming up today: |
| 9.30am: We find how well, or badly, Britain’s wider manufacturing industry fared last month, when data firm Markit publishes its latest Purchasing Managers Index. | 9.30am: We find how well, or badly, Britain’s wider manufacturing industry fared last month, when data firm Markit publishes its latest Purchasing Managers Index. |
| 1.30pm: America’s latest unemployment report is published, showing how many new jobs were created in the world’s largest economy. | 1.30pm: America’s latest unemployment report is published, showing how many new jobs were created in the world’s largest economy. |
| We’re also getting new UK house price data from Nationwide, and financial results from the Co-operative Bank. | We’re also getting new UK house price data from Nationwide, and financial results from the Co-operative Bank. |
| Steel, though, is the main story today. | Steel, though, is the main story today. |
| Updated | Updated |
| at 7.37am BST | at 7.37am BST |