It's Time to Close the British Steel Industry
The price tag on British steel is too high, and it's time for Labour to make a tough decision and close down the industry, according to Matthew Lynn.
It's time for Labour to make a grown-up decision and close down the industry.
The EU's recent plans to cut steel imports by half and impose 50% tariffs on excess production have worsened the industry's outlook. This move is in response to US President Donald Trump's steep levies on US imports, which may lead manufacturers to dump excess production in Europe.
- The EU plans to cut steel imports by half
- 50% tariffs will be imposed on excess production
- Almost 300,000 people work in Europe's steel industry
Author's summary: British steel industry faces closure due to high costs.
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