British Steel's insolvency is a worrying development - and one that reminds us of the importance of the roll-out of a modern and effective industrial strategy.
While the political dramas in Westminster show little sign of slowing down, the news last week that British Steel was to enter insolvency was by far one of the most important – and worrying – developments. The potential loss of thousands of jobs directly is deeply concerning for many people and communities here in the North East and Tees Valley.
Steel remains a vital industry in many ways, so British Steel’s failure is not just a case of any old business going bust. The supply chains alone stretch across the country with many thousands of people’s livelihoods tied to its future.
The government has made reassuring signs on supporting affected communities should the worst come to the worst. But it must now focus its efforts on securing a new buyer and to safeguard the future of the British Steel sites.
If no credible buyer can be found, then it would be right in these acute circumstances fo
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