Taxpayers should not have to bail out failing industries
6 April 2023
SUGGESTED
Government and Institutions
Energy and Environment
Economic Theory
Matthew Lesh appears on Sky News
IEA Director of Public Policy and Communications Matthew Lesh has appeared on a Sky News segment about the future of the UK steel industry, arguing that the UK “does not necessarily need a domestic steel industry”.
Matthew said:
“It is certainly not clear that taxpayer money should go to massively subsidising our steel industry.
“There is a risk that you’re selling people a lie. The longer you use taxpayer money – and large amounts of taxpayer money – for a very small number of jobs, you’re building people up in a sector that doesn’t have a clear future.
“That money could be better used focusing on those individuals to make sure they get the skills they need to retrain in whatever the future industries are in the UK.”
Watch Matthew’s full appearance here (6:23).
Matthew said:
“It is certainly not clear that taxpayer money should go to massively subsidising our steel industry.
“There is a risk that you’re selling people a lie. The longer you use taxpayer money – and large amounts of taxpayer money – for a very small number of jobs, you’re building people up in a sector that doesn’t have a clear future.
“That money could be better used focusing on those individuals to make sure they get the skills they need to retrain in whatever the future industries are in the UK.”
Watch Matthew’s full appearance here (6:23).
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