Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-04-27-Speech-1-078-000"
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"en.20160427.16.1-078-000"2
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"Madam President, thanks to the EIB all British taxpayers seem to do is fund loans to export British jobs to countries including Turkey, China and Russia. Let us take a look at steel, a hot topic in the UK, on which the Commission has admitted its responsibility for banning rescue and restructuring aid unless it is driven by the market, i.e. not state aid.
So why then are British steel workers subsidising foreign steel companies in the form of soft loans totalling GBP 80 million? One of these companies mentioned as having loans under consideration is the Wuhan Iron and Steel Corporation, the world’s eighth largest producer based on tonnage. Its products now are subject to 36.6% anti-dumping tariffs. The loan was to reduce the cost of energy. One of the main complaints of Tata is the high cost of energy in the UK. Another plant, in Guangdong, was given EUR 35 million in the interests of improving energy efficiency. The EIB has been making loans to state-owned Chinese steel companies who are then able to sell back to the EU below cost price, and our own UK Government has been powerless to stop it.
This situation has been branded insane by a director of a UK steel company although the words I would use are ‘an absolute disgrace’. The North of England in particular is suffering from higher and higher unemployment, lower wages and fewer career opportunities, yet our own taxes are being given to Chinese steel plants, which has helped put our workers on the dole. We should have learned from the loan to Ford, which cost this country thousands of jobs, but clearly we just keep giving our money away."@en1
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