I think we all know the answer to that question!
One of the saddest aspects of this is the fact that the company pension scheme has become a liability.
Are these schemes more trouble than they’re worth? We’re offered all sorts of incentives to join them and then their value drops, they get raided by the employer, or end up being used by potential buyers as a reason to let the firm fail.
As for “substantial financial support” from the UK government – this is another opportunity for Cameron and his cronies to prove they really couldn’t care less.
They have said they are committed to doing everything they can – but give them a chance to put their money where their mouth is and we can all guess what they’ll do.
A potential saviour for the Port Talbot steel plant has emerged in ThyssenKrupp, the German industrial conglomerate, as Tata Steel claimed it was committed to finding a buyer for its beleaguered UK business rather than closing the sites.
The Observer understands that just three months ago ThyssenKrupp was in talks with Tata about buying Port Talbot and its other UK sites as part of a deal to buy its European business, including its other major steelworks in the Netherlands. However, the German company walked away due to concerns about the losses of the UK business and its pension liabilities of almost £15bn.
A source close to Tata said “they could find a solution” and potentially rescue the deal with the Germans if the UK government provided substantial financial support and the pension scheme, which has 130,000 members, were restructured.
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