How pension policy cowardice helped doom Britain’s steel industry. Tata’s decision to write off the value of its UK steelmaking business and seek a quick sale, while keeping its Dutch business, is really a story about pension regulation.
Just over two years ago, I took a train from Berlin to Wolfsburg, to visit a senior executive at Volkswagen. From the station platform the famous chimneys of VW's vast car plant loomed up. Inside the gate, the company's vehicles were everywhere, catching the sun like a metallic sea. It crossed my mind that it… Continue reading..