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The UK government is taking control of Chinese-owned British Steel after emergency legislation was rushed through Parliament in a single day.
Business Secretary Jonathan Reynolds told MPs the government’s likely next step would be to nationalise the Scunthorpe plant, which employs 2,700 people.
But he said he was forced to seek emergency powers to prevent owners Jingye shutting down its two blast furnaces, which would have ended primary steel production in the UK.
Its a shit system, really it just means the rails are privatly operated but they get to send a huge chunk of the maintenance bill to the taxpayer.
Privatising the profits, and getting the tax payer to fund the upkeep… name something more Thatcher-esq
Privatize the gains and socialize the losses.