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Tag: nationalisation

Liberty Steel nationalisation ‘an option’ to save 5,000 jobs

Liberty Steel nationalisation ‘an option’ to save 5,000 jobs

Business
PA MediaThe government has restated it is considering "all options" to keep Liberty Steel's UK plants and jobs afloat, including nationalisation.On Sunday, the government rejected a request for £170m in financial support for the firm.But that is due to concerns about the "very opaque" structure of its owner GFG, a minister said.Business Secretary Kwasi Kwarteng said the government could not put money into a "black box".Mr Kwarteng told the BBC's Today programme that Liberty Steel was "an important national asset" but that the structure of its owner - Gupta Family Group (GFG) - was "very opaque" and "not helpful"."We are custodians of taxpayer's money... and we feel that if we gave the (£170m) money, there was no guarantee that the money would stay in the UK, and would protect British jobs...