Earl of Effingham
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Steel Import Restrictions
Earl of Effingham Excerpts(1 month, 3 weeks ago)
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Lord Leong (Lab)
That is why we have brought in special measures to safeguard jobs in British Steel in Scunthorpe. At the same time, we have invested loads of money and given £500 million to Tata to ensure that Port Talbot continues. We will ensure that jobs are protected.
The Earl of Effingham (Con)
My Lords, consumers do not buy raw steel, but they do buy the things made from it. Tariffs cause a squeeze on real wages as more household income goes on goods whose prices have been pushed up by input costs. Why would any Government want that?
Lord Leong (Lab)
I am afraid the noble Earl did not hear my earlier answer. No one wants tariffs. They are always the last resort when we have no alternative to protect our domestic industry. Furthermore, with steel, most imports do not even meet the quota of 60%. Until it hits 60%, the 50% does not come in.