He added: “People might think ‘we bailed out the banks, so can’t we bail out everybody else’, but the banking sector was so embedded in the lifeblood of the economy the alternative would have had a worse outcome for everyone.
“In terms of steel, you don’t necessarily get that same national impact, but there is no doubt in regional areas like Redcar it will have a perhaps cataclysmic effect, and in the near-term a huge shock on the local and regional economy.”
UK Steel director Gareth Stace demanded “a commitment from all parts of government at the highest level to ensure the sector’s survival in the UK”.
David Cameron has been urged to address the issue during Xi Jinping's state visit (Picture: Getty Images)
Ben Pruchnie/Getty Images
He said: “The Prime Minister can demonstrate that he is prepared to lead this commitment by stepping in this week and pressing the Chinese premier about the dumping of cheap steel which is one of the major factors killing our industry.”
The industry has called on politicians to ease the burden on the industry by bringing forward a government scheme to compensate for higher energy costs and cutting its business rate bills to match its European rivals.
