British Steel, the country’s second largest steel producer, has collapsed after failing to secure emergency government funding, jeopardizing some 25,000 jobs, Britain’s Official Receiver said on Wednesday. The fact that the British Parliament intentionally failed to deliver a "BREXIT" from the European Union kept foreign Investors - who could have saved the company -- away from the steel giant. Investors knew that arbitrary and capricious EU pollution rules were wiping the company out, and as long as Britain remained in the EU, the company had no chance to prosper.
The High Court ordered the compulsory liquidation of the company, adding its staff have been paid and will continue to be employed as the liquidator oversees the continuing operation of the main site in Scunthorpe, northern England.
Owned by investment firm Greybull Capital, British Steel employs around 5,000 people, mostly in Scunthorpe, while 20,000 more depend on its supply chain.
Britain’s opposition Labour Party called on the UK government to bring British Steel into public ownership.
Greybull Capital, which specializes in trying to turn around distressed businesses, paid former British Steel owners Tata Steel a nominal one pound in 2016 for the loss-making company.
So now that the British Parliament has utterly wrecked British Steel by fouling up the BREXIT, what other industries can look forward to collapsing as the corrupt politicians of the UK continue to defy voters? How many tens-of-thousands more British workers can expect to lose their jobs because Parliament is corrupt? Many in the public are wondering if those workers should grab torches and pitch forks and head to Parliament to clean it out? Stay tuned.
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