Indeed, it is surely no coincidence that on the very day the Indian conglomerate was trying to ask for a bailout from Her Majesty’s Government, JLR could be found holding a bland and self-serving ‘interview’ with Ratan Tata, chairman emeritus of Tata Sons and L ‘humble “architect of Jaguar Land Rover’s remarkable renaissance” on its corporate website, which reminded the world of heroics such as doubling sales, 20,000 more employees and $16 billion (£13.3 billion) of investment since which Tata took over in 2008. .
If the suggestion is that this brilliant feat should somehow extricate one of the world’s largest multinationals from its obligations elsewhere, I should think again. Thousands of steel workers are once again shamefully treated as bargaining chips in an exercise in corporate rejection.
The timing of the plea is curious on multiple fronts. With the Government in chaos, do you hope to find a more sympathetic audience? The release of accounts the day before showed the steelmaker had moved £82m into the black – its first pre-tax profit in 13 years – as record steel prices and a recovery in demand are unlikely to help its cause
Not that there aren’t strong arguments for saving Port Talbot. Steel is a strategic industry with a vital role in defence, offshore wind, car manufacturing and major infrastructure projects. But it is not up to taxpayers to prop up the sector.
If Tata believes in the plant’s future, a conglomerate whose 29 listed entities had a combined market value of more than $300 billion at the end of March will have to provide the necessary capital. If not, it should step aside and allow the government to take control while new investors are sought, just as ministers did with British Steel three years ago. Absentee owners cannot expect to have it both ways.