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British Steel enters insolvency

File image of Welders at work in steel forgeBritish Steel is due to enter the insolvency process after the collapse of rescue talks between parent company Greybull Capital and the government.

The move puts 5,000 jobs at risk and is the latest blow to the embattled industry.

Reuters had previously reported multiple sources saying the £30m government loan requested had not materialised, placing British Steel nearer to collapse.

Answering an emergency question in the House of Commons yesterday around British Steel’s future, business minister Andrew Stephenson said the government “will leave no stone unturned in its support for the steel industry”.

Collapsed British Steel IFA Active Wealth wind-up fees near £56k

In early 2018 there were investigations in to firms that have gave advice to British Steel Pension Scheme members following concerns about the quality of the advice and fears members were being wrongly advised to transfer out of their defined benefit pension scheme.

After investigations by the FCA several advice firms stopped offering advice on DB transfers.

Accountancy firm EY will attempt to find a buyer for the business and the Government’s Official Receiver will take control of the company, reports the BBC.

The BBC also reports British Steel has been struggling with fewer orders from Europe because of uncertainty around Brexit.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Good old British-Bashing Corporation throwing the brexit dagger about as usual.
    I was talking to a Steel Stockist client about the steel industry last month. They import EU steel because it’s cheaper and has been for a while now. They can’t import much cheaper steel from China yet because the EU doesn’t allow it.
    British Steel should never have been privatised, but it has.
    Let’s spend some of that EU divorce money on buying British Steel back, securing not only British jobs but our ability to stand on our own two feet should the preverbial hit the fan again like it did during the last Reich.

    • It would also be a nice Thank You, taking away the PPF risk for those pension members that stuck with the scheme and didn’t get swept away with greed.

  2. Yet again it looks as if pension legislation has been a significant contributory cause in a company insolvency.

    At the bottom line job protection is preferable to pension protection. Will this ever sink in?

  3. Patrick Schan 22nd May 2019 at 5:21 pm

    As the Pension Guy says British Steel should not have been privatised, as with many other industries. Also, we should not be paying billions to the EU so we can shoot ourselves in the foot!

    Even if any government could get a no deal brexit (the stupidest of all stupidity) through parliament there are no capable politicians in this country that could make anything good out of it. Just look at their record so far!

  4. David Bennett 22nd May 2019 at 6:46 pm

    Not sure how successful British Steel was when it was in the state sector.

    My understanding is that this ‘Divorce Bill’ is simply our Pre Brexit commitments. Clearly we could walk away from it. However, there would be consequences.

    The UK has a record of meeting it’s commitments. This is why Gilts are a low risk and low return investment.

    Countries with a record of not honouring their debts tend to require higher returns on their Bonds as a consequence.

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