The Prime Minister is preparing to hit several developing countries with new “safeguard” import limits designed to protect UK manufacturers from a “flood of cheap steel” from overseas.
At the same time, ministers will announce a two-year extension of steel tariffs already imposed on developed countries and China.
So, we’re all worried about inflation. At which point you’ll deliberately drive up the price of something we make other stuff out of?
Fool.
That good old British company Tata Steel will do very nicely out of this thank you. Of course all their resultant profits will be taxed in the UK and not lost in a multinational maze of transfer prices and cost sharing. Plus how long before the government subsidises Tata’s bloated energy costs to prevent any production being relocated?
Shame about the inevitable increased costs to industry and therefore consumers but hey, it’s a sound bite and BJ just loves a good sound bite.
– Fool.
Not really, just a different priority than economics – in this case, political survival.
It turns out that a lot of the “Red Wall” didn’t vote for Brexit and the Tories out of love of globalised economic libertarianism – they wanted protectionism. And because Boris is desperate, they’re getting some – albeit artificial and temporary.
Best for everyone, not least himself, would be if Boris were to pick up a rifle, head off to the Ukraine and die a glorious death on the front-line.