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ataer could buy british steel

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By *ostafun OP   Man
over a year ago

near ipswich

Good news for the people of scunthorpe Ataer who run the Turkish army pension investment fund have put in an acceptable bid.Not a done deal but hopefully good news for scunthorpe and the north east.

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By *ara JTV/TS
over a year ago

Bristol East

Steel is a kinda important commodity for a country that builds submarines.

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By *illwill69uMan
over a year ago

moston

British Steel is like BP, BA, British Rail and every other utility and industry that's vital to our national interest, British in name only and all up for grabs to any international carpet bagger or country that feels like doing a bit of British asset stripping since Thatcher started the great British fire sale in 1980.

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By *ara JTV/TS
over a year ago

Bristol East

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By *ara JTV/TS
over a year ago

Bristol East

Yes, and look at who owns the railway companies, the nuclear plants and other infrastructure.

Companies owned by foreign government.

So we sold our state-owned industry and now it is state-owned industry.

Just not the British state.

Ideology gone mad.

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By *ostafun OP   Man
over a year ago

near ipswich

well the uk government cant support it under eu competition rules as the eu has strict rules on state support of business if it distorts competition. Thats why corbyn wants us out so that he can nationalize everything.

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By *V-AliceTV/TS
over a year ago

Ayr

So, ownership by a foreign company is preferable to nationalisation? Good news it may well be - but for how long? The Turks are in it for financial gain. If there turns out to be none to be had; what then?

It's not the only way to do it. The Scottish Government have just nationalised a shipyard to secure jobs - without lining the pockets of the undeserving. Have the EU got no regulations against that?

There really is more than one way to approach vital infrastructure. It's just a question of will.

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By *ostafun OP   Man
over a year ago

near ipswich


"So, ownership by a foreign company is preferable to nationalisation? Good news it may well be - but for how long? The Turks are in it for financial gain. If there turns out to be none to be had; what then?

It's not the only way to do it. The Scottish Government have just nationalised a shipyard to secure jobs - without lining the pockets of the undeserving. Have the EU got no regulations against that?

There really is more than one way to approach vital infrastructure. It's just a question of will."
I know they have that was because they have 2 half finished ferries so thats not competition as the orders were secured. They would have found out that they cannot pump money into a nationalized industry to prop it up but we will be out of the eu then.Who in their right mind would buy a company that they cant put more money into it if it failing because of eu rules?

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By *ara JTV/TS
over a year ago

Bristol East


"well the uk government cant support it under eu competition rules as the eu has strict rules on state support of business if it distorts competition. Thats why corbyn wants us out so that he can nationalize everything. "

Bullshit.

State-owned enterprise is legitimate, so long as it is not subsidised by tax payers.

I.e run as a going concern.

Like a lot of British industry.

State-owned.

Just not by the UK state

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By *ostafun OP   Man
over a year ago

near ipswich


"well the uk government cant support it under eu competition rules as the eu has strict rules on state support of business if it distorts competition. Thats why corbyn wants us out so that he can nationalize everything.

Bullshit.

State-owned enterprise is legitimate, so long as it is not subsidised by tax payers.

I.e run as a going concern.

Like a lot of British industry.

State-owned.

Just not by the UK state"
wrong.

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By *ostafun OP   Man
over a year ago

near ipswich

What about nationalisation?

The Labour leader said the government should have decided it wanted to own British Steel and nationalised it - but that is also tricky under EU rules.

A government can own a company under state-aid rules - but it is not allowed to keep it going if it would otherwise fail.

So if a government could convince the European Commission that buying the business would be a sensible move that any investor would make for a profit, it would not be classified as state aid.

That might have been a difficult argument to make with British Steel.

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By *abioMan
over a year ago

Newcastle and Gateshead


"wrong."

actually.... right...

as long as it in effect is not being subsidised and is running as a "market operated business" there there is a national security arguement that would have allowed the uk government to run british steel as an ongoing concern....

the same arguement could have been used with the railways... although all the franchises are "time limited"... so in effect all you would have to do is let them all expire....

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By *ara JTV/TS
over a year ago

Bristol East

Not tricky at all.

Government can own all the shares in a business.

Perfectly legit.

It is not state aid.

So long as there is no subsidy

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By *ara JTV/TS
over a year ago

Bristol East

Did EU object to HMG buying up the shares in the banks?

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By *ostafun OP   Man
over a year ago

near ipswich


"wrong.

actually.... right...

as long as it in effect is not being subsidised and is running as a "market operated business" there there is a national security arguement that would have allowed the uk government to run british steel as an ongoing concern....

the same arguement could have been used with the railways... although all the franchises are "time limited"... so in effect all you would have to do is let them all expire...."
I dont think railways come under it as most eu rail companies are state owned.I think you will find i said in an earlier post that they cant be subsidised.State aid is financial assistance given by the government to companies or other organisations that has the potential to distort market competition.

The aid can be in the form of direct cash grants or indirect aid - such as preferential borrowing rates or tax credits.

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By *ostafun OP   Man
over a year ago

near ipswich


"wrong.

actually.... right...

as long as it in effect is not being subsidised and is running as a "market operated business" there there is a national security arguement that would have allowed the uk government to run british steel as an ongoing concern....

the same arguement could have been used with the railways... although all the franchises are "time limited"... so in effect all you would have to do is let them all expire...."
They went through that _abio with tata steel its not a national security argument.The plant in scunthorpe is in the hands of the receiver so cant be considered a going concern without plowing a load of money into it which cant be done at the moment due to eu rules.

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By *nglishdoodMan
over a year ago

Morristown

I get the 'strategic resource' argument, but couldn't the government nationalise any industry in time of war...especially if the foreign owner was hostile.

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By *ara JTV/TS
over a year ago

Bristol East

So long as a business is being run commercially, the ownership of the shares is irrelevant. State aid rules do not apply.

The UK Government owns 100% of the shares in a rail freight operating company.

And a shipping company.

Not a problem, because they are operated without subsidy.

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By *ostafun OP   Man
over a year ago

near ipswich


"So long as a business is being run commercially, the ownership of the shares is irrelevant. State aid rules do not apply.

The UK Government owns 100% of the shares in a rail freight operating company.

And a shipping company.

Not a problem, because they are operated without subsidy. "
exactly read above.

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By *ostafun OP   Man
over a year ago

near ipswich


"I get the 'strategic resource' argument, but couldn't the government nationalise any industry in time of war...especially if the foreign owner was hostile. "
guess they could are we at war?

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By *ara JTV/TS
over a year ago

Bristol East

The UK Government could buy all the shares of British Steel if it wanted to.

No issues with EU.

For ideological reasons, it does not.

It would rather have a pension fund in Turkey owning UK assets than the UK state.

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By *ara JTV/TS
over a year ago

Bristol East

In Scotland, the Scottish Government is looking at taking the Ferguson shipyard into public ownership.

Public ownership of the shares.

That is perfectly legit.

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By *ostafun OP   Man
over a year ago

near ipswich


"In Scotland, the Scottish Government is looking at taking the Ferguson shipyard into public ownership.

Public ownership of the shares.

That is perfectly legit.

"
yes i know they have to as the two ferries that have put the yard in the shit are owned and managed on behalf of the scottish government it was a £97 million order by the government. The shipyard is due to lose £40 million on changes made.If they dont they lose the ferries a ship yard closes and jobs are lost.

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By *ercuryMan
over a year ago

Grantham


"wrong.

actually.... right...

as long as it in effect is not being subsidised and is running as a "market operated business" there there is a national security arguement that would have allowed the uk government to run british steel as an ongoing concern....

the same arguement could have been used with the railways... although all the franchises are "time limited"... so in effect all you would have to do is let them all expire...."

To comply with EU regulations, you have to allow free access to the railway infrastructure.

The Government can own and run the state railway system but they have to let other operators run their services as well.

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By *ara JTV/TS
over a year ago

Bristol East

Anyway, I thought a key plank of the Brexit campaign was to keep Turks out of Britain, no?

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By (user no longer on site)
over a year ago


"Anyway, I thought a key plank of the Brexit campaign was to keep Turks out of Britain, no?

"

It's all changed now we have a turk in power...

(jk)

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By *oxychick35Couple
over a year ago

thornaby


"Good news for the people of scunthorpe Ataer who run the Turkish army pension investment fund have put in an acceptable bid.Not a done deal but hopefully good news for scunthorpe and the north east."
it's great news for Teesside

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By *heBirminghamWeekendMan
over a year ago

here


"Good news for the people of scunthorpe Ataer who run the Turkish army pension investment fund have put in an acceptable bid.Not a done deal but hopefully good news for scunthorpe and the north east. it's great news for Teesside "

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By (user no longer on site)
over a year ago


"Good news for the people of scunthorpe Ataer who run the Turkish army pension investment fund have put in an acceptable bid.Not a done deal but hopefully good news for scunthorpe and the north east."

So, when will Bo Jo start bringing British/English companies back under British/English ownership?

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By *mmabluTV/TS
over a year ago

upton wirral


"well the uk government cant support it under eu competition rules as the eu has strict rules on state support of business if it distorts competition. Thats why corbyn wants us out so that he can nationalize everything. "
That is a benefit of staying in lol

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By (user no longer on site)
over a year ago


"Good news for the people of scunthorpe Ataer who run the Turkish army pension investment fund have put in an acceptable bid.Not a done deal but hopefully good news for scunthorpe and the north east. it's great news for Teesside

"

I feel fairly confident that my following comment won't be censored by the website.

Who put the cunt in Scunthorpe?

Turkey?

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