Britain: Steel crisis highlights instability of world economy Tata, the giant Indian-owned conglomerate, has announced the closure of its steel plants in Scunthorpe and Scotland, with a resultant 1,200 jobs to be cut. This latest episode in the crisis of the British steel industry is yet another stark reminder of the decrepit nature of British capitalism and of the contradictions within the wider world economy.
Britain: Cameron and Osborne embarrassed as Establishment splits over tax credit cuts The Tory plans to cut tax credits have been seriously delayed thanks to last night’s vote in the House of Lords, demonstrating how much Corbyn’s leadership victory has changed the dynamic in Parliament - only months after the jubilant and complacent Tories won the general election.
Crisis of British steel industry continues as Tata announce further 1,200 job cuts The UK steel industry has again been plunged into further crisis following the latest announcement of an expected 1,200 jobs to be cut at Tata Steel in Scunthorpe and Scotland. This comes just weeks after the sudden shutdown of the SSI plants in Redcar, Teesside, with a further 2,200 associated redundancies, as well as the risk of 1,700 job losses at Caparo Industries, which entered into administration on Monday this week.
