All the latest reactions to sale of Tata's Port Talbot plant
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Today Programme
BBC Radio 4
Image source, Getty ImagesThe former cabinet secretary, Lord O'Donnell, has told the BBC that Britain would be unable to negotiate any departure from the European Union within two years - as set out in EU rules.
His warning has been rejected by campaigners who want the UK to leave.
*His nickname is GOD...Gus O'Donnell*
Today Programme
BBC Radio 4
Image source, Getty ImagesA bit more from Colin Hamilton of Macquarie Group on Today. He says China exports only about 15% of the steel it produces and that other countries, notably Russia, export far more of the steel that they produce to global markets. Ukraine is exporting 90% of the steel it produces, he says.
Quote MessageThe challenge is, it's a scale thing. When China produces half the world's steel and demand is not there, their solution is to push it out into global markets. Actually 90% of that goes to Asia only a small proportion of that comes to Europe.
Colin Hamilton of Macquarie Group
Today Programme
BBC Radio 4
Colin Hamilton of Macquarie Group tells Today the decision by Tata Steel to sell its UK operation doesn’t come as that big a surprise. He says the UK steel is “a challenged industry”.
Quote MessageWe are in a world where global steel demand is now falling. It peaked in 2013 and we still have all that capacity there. In a world of relatively cheap money still and in a relatively emotive industry such as steel we have protectionism in other areas, so the steel industry is feeling the pinch.
Colin Hamilton of Macquarie Group
He says private equity firms could step in – they have done recently in smaller places. But it’s unlikely that the UK steel operations of Tata will be sold as a whole, he says.
Bit of the UK steel operation are attractive. But otherwise, he says, he doesn’t see “any natural buyers out there.”
Today Programme
BBC Radio 4
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Image source, Getty ImagesAs the board of the energy company EDF prepares to meet in Paris today, the Financial Times is reporting that engineers at the company have called for at least a two-year delay at the Hinkley Point nuclear project in Somerset, along with a re-design of the reactor technology.
The FT says it's seen an internal "white paper" written by dissenting EDF engineers which argues that Hinkley Point is so complex and untested that the company should announce a later completion date than the current 2025 target.
BBC's India Business editor tweets:
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Image source, gettUnions from the steel industry are calling for an urgent meeting with the prime minister.
Roy Rickhuss, general secretary of Community of the steelworkers' union was in Mumbai for the talks yesterday. He says the situation is serious.
Quote MessageThe UK is now on the verge of a national crisis. Tata Steel withdrawing completely from the UK risks destroying our entire steel industry. That would be a disaster both for those communities reliant on steel jobs and our entire industrial base. For any advanced, manufacturing economy, steelmaking capacity is not optional. Losing the ability to make steel would fundamentally change our economy forever.
Roy Rickhuss, Community, Steelworkers' union
BBC Radio 5 Live
Image source, Getty ImagesTata Steel's decision, that it is planning on selling its loss making UK business, puts thousands of jobs at risk.
The South Wales Labour MP, Stephen Kinnock, whose constituency includes the Port Talbot plant and was at the talks in Mumbai, tells Wake Up to Money that while the news is disappointing, he is relieved that Tata didn't decide on closure.
He said he was hoping for a quick and efficient sale.
Morning everyone. So what now for Port Talbot? We will be taking a look at the implications of Tata Steel's decision to sell its UK operations as well as the rest of the day's news as it happens. Stay with us.