British Steel Is Beyond Saving

Victoria Bateman, Bloomberg View
Since the financial crisis, the British government has been hoping to see some of Britain's output move from finance to manufacturing, from the prosperous south of the country to the ailing industrial north, from consumption to investment and from imports to exports. Chancellor of the Exchequer George Osborne noted back in 2014 that “the recovery is not yet secure and our economy is still too unbalanced." Britain, he argued, was not investing enough and not exporting enough. "We can’t be passive observers of the forecasts. We need to roll up our sleeves, get to work and make it...