This is a major climbdown from the Tories. Bizarrely, these days it seems to be the only way to get them to do the right thing.
Less than a month ago, business minister Sajid Javid was saying, “Nationalisation is not the answer.”
So what has changed?
The government is willing to take a 25% stake in any rescue of Tata Steel’s UK operations, it has been announced.
The business department said it was preparing to make a support package “worth hundreds of millions of pounds” available to potential buyers.
Business Secretary Sajid Javid said the money would be offered on commercial terms, but the government would not take any control over the business.
At least two potential buyers have shown interest in buying the business.
One option is a management buyout backed by the chief of Tata’s Port Talbot factory, the UK’s largest steel operation.Steel company Liberty House, owned by Sanjeev Gupta, has also said it was interested in buying parts of the business.
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