This government just loves giving money away to foreign governments and companies. It is money we cannot afford, money they borrow which adds to taxpayers bills.
This time, as I warned, it is the offer of money to Jingye, the company that owns the blast furnaces ar Scunthorpe. Labour failed to nationalise them but passed legislation taking control of them to stave off closure. The furnaces were losing a fortune partly due to the UK ‘s sky high energy prices .
This meant taxpayers are paying the bills for the operating losses and stocks without making clear it took the assets unencumbered by debts for nothing. The blast furnaces were not worth anything given costs of closure or losses from running them.
The government promised to keep them open. How much will this cost taxpayers? They implied the blast furnaces would be replaced by a steel recycling works? When? How many jobs go when that happens? Will the government break its promises to the steel workers by sacking lots of them before the election? Or will it put taxes up again to pay the huge bills, leading others losing their jobs as the higher taxes take their toll?