For a second time in a week a UK cabinet minister announced the government would breach international law as London announced on Wednesday it would maintain trade safeguards for the UK steel industry for another two years.
International Trade Secretary Anne-Marie Trevelyan also said the plans to protect British steel producers depart from the UK's "international legal obligations" but are in the "national interest".
British manufacturers have called on the government to allow them to import more steel products without paying tariffs because domestic suppliers have failed to meet demand, leaving them facing 25 per cent duties on a key raw material imported from China, India and elsewhere.
Liz Truss, the foreign secretary, conceded on Monday the Northern Ireland Protocol Bill was being brought on the basis of the legal doctrine of necessity, a defence that is only relevant when international law is being broken.
Since Britain left the European Union, imports of a type of steel used in vehicle parts and other manufacturing face a 25 per cent tariff if they exceed a certain quota level as a 'safeguarding' measure to encourage domestic steel production.
The quota currently covers about a third of British manufacturers' usage, and the government has proposed doubling it in size, but manufacturers say this will still leave them short.
"Increasing the quota is a step in the right direction, but it is not enough to protect our members," said Steve Morley, president of the Confederation of British Metalformers.
Small engineering company Tinsley Bridge, which makes stabiliser bars for heavy trucks such as those made by Volvo and Renault, cannot source the specialised steel it needs in Britain and must import, but has been hit with the 25% tariffs.
That has pushed up costs for the business which has turnover of 22 million pounds ($27 million) and 220 workers.
"We obviously can't absorb that. We've got to pass that on to our customers. What that is going to mean is that we're not going to be seen as a competitive source," said managing director Mark Webber.
The 25 per cent tariffs on imports over the quota "raises the very real prospect of lost orders and production being moved away from the UK", the CBM said.
"British steel mills have not been able to supply the ... materials our members need to support critical domestic and export supply chains, nor are they likely to be able to do so in the near future," it said.
Britain proposed last week to extend tariffs and quotas on five steel products, with a final decision expected this week, aimed at supporting an industry that employs 34,000 workers and makes $2 billion in annual turnover.
Wonka
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Paul%20King%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3ETimothee%20Chalamet%2C%20Olivia%20Colman%2C%20Hugh%20Grant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Company%20profile
%3Cp%3EName%3A%20Cashew%0D%3Cbr%3EStarted%3A%202020%0D%3Cbr%3EFounders%3A%20Ibtissam%20Ouassif%20and%20Ammar%20Afif%0D%3Cbr%3EBased%3A%20Dubai%2C%20UAE%0D%3Cbr%3EIndustry%3A%20FinTech%0D%3Cbr%3EFunding%20size%3A%20%2410m%0D%3Cbr%3EInvestors%3A%20Mashreq%2C%20others%0D%3C%2Fp%3E%0A
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
KILLING OF QASSEM SULEIMANI
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
CRICKET%20WORLD%20CUP%20LEAGUE%202
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