Corus Crisis: Lib Dems Call For Hewitt Statement

12.00.00am BST (GMT +0100) Wed 30th Apr 2003

Vince Cable MP, Liberal Democrat Shadow DTI Secretary, is calling for an immediate statement from the Secretary of State for Trade and Industry over the crisis which has enveloped Corus. There are three main policy issues that need to be addressed:

· The Exchange Rate.

· Workers Rights.

· Executive Pay and Bonuses.

Dr. Cable said: "It is very clear that the British steel industry has been disadvantaged against its European counterparts by the uncompetitive and volatile British currency in recent years. The Prime Minister must now listen to those calling for leadership on the issue of British participation in the Euro at a competitive exchange rate."

"Secondly, the enormous resentment aroused by "Fat Cat" payments to the failed leaders, such as those at Corus, must be addresses. The Government has done nothing to reinforce shareholder activism. They should be giving them a binding vote at Annual General Meetings on executive pay."

"Thirdly, there is genuine resentment by British steel workers, who feel that their European colleagues have better consultation and decision making rights than in the UK. It is quite wrong of the Government to refuse minimal rights of consultation, the absence of which has fuelled resentment among the Corus workers."