Reynolds says on #BBCLauraK that the government will rescue Tata Steel
Tata Steel Limited, the direct parent company of Tata Steel UK Limited made £3 billion in EBITDA and £900 million in net profits in 2022/23.
Tata Steel Limited has reserves of £1.6 billion and has paid out dividends of £1.4 billion to shareholders between 2019 and 2023
But, we, the British Taxpayer, have to bail them out because they are THREATENING to close their plant at Port Talbot.
Well lets hope that the government step in and take this in to account, I think they are also worried about jobs in the supply chain too, as in those jobs that would also be lost if these plants shut, the knock on effect could see 1000's more job loses.
@zleap The area, I believe, is already economically surpressed.
I would be delighted to be corrected on this xxx
Back in the 1990s, I used to work for British Airways as a contractor in IT. Then along came the fashion for huge companies to contract out everything that wasn't part of their "core business" so BA contracted out its entire IT dept to one of the big Indian IT specialists; I don't know which one.
That always seemed to me to be a massive mistake as once done, it would be almost impossible to undo. There's no way they could take it back in house if things went wrong and even moving from one sub-contractor to another would be fraught with difficulty and huge risk!
I think selling one's soul to the devil is a reasonable simile!
Most of BA's IT dept was run by contractors anyway! The permanent salaries weren't high enough to attract top notch candidates.
I was offered a permanent job when I worked there as contractor; had I accepted, it would have meant going from £90,000 a year as a contractor to £32,000 a year as a permie; not a very attractive proposition!
@Paulos_the_fog
I'm a yank, but I used to work for the largest of these Indian contractors. I can say that I highly doubt anyone has saved any money in the long run this way.
It's remarkably similar to having your own non-core IT dept however, as the quality and costs are about the same (read: not great),
but you gain dubious advantages such as "laying them off doesn't look bad" and "stock goes up immediately"
@Geri @zleap