LONDON, United Kingdom – With the announcement that British Steel is days away from collapse failing a major UK government bailout, media organizations are already trying to point the finger of blame at Brexit – which hasn’t even taken place – for the failings of the privatized firm.
Thousands of jobs in the steel sector and more across the corporation’s supply chain will be lost if the government doesn’t bail British Steel out. But should it?
The company is run in private, and for profit. When small and medium small profits fail, they don’t receive government bailouts.
The real blame lies with the European Union itself, as well as Chinese dumping, oversupply, and the sale of core British manufacturing sector companies in the name of neo-liberal economics and globalism.