COVENTRY South MP Zarah Sultana has called for the government to ‘step-in now’ to rescue city manufacturer Liberty Pressing Solutions at risk after the collapse of its main financial backer – Greensill Capital.
Greensill – the controversial lender advised by David Cameron – collapsed into administration last month leaving thousands of jobs in the balance.
The company, based in Willenhall, is part of the Liberty Steel Group, makes a wide range of body parts for major car makers, including Jaguar Land Rover.
Speaking in the House of Commons during Treasury Departmental questions, Coventry South MP Zarah Sultana, said: “The threat of the company’s collapse risks losing good, skilled, unionised jobs in Coventry and across the country.
“This would be a disaster for the city and British manufacturing.”
Arguing that the government should take action before the company goes bust, which would “risk workers’ jobs and terms and conditions”, Ms Sultana called on the government to “step-in now, with all options on the table, including bringing the business into public ownership”.
This, she said, would “guarantee its future and retain the skills we need to rebuild from the pandemic and tackle the climate emergency.”
In response to Ms Sultana, the Treasury Minister Kemi Badenoch MP replied: “It would not be appropriate to comment on individual companies.”
But he went on to say: “We are monitoring developments around Liberty and continue to engage closely with the company, the broader UK steel industry and trade unions.”
The union Unite’s assistant general secretary, Steve Turner, has previously stated on Liberty Steel: “Unite is urging the government to do everything that is necessary in order to preserve Liberty Steel and secure its long-term future.
“This is key to protecting the jobs of its workforce and the communities where it is based, to safeguard its supply chain and ensure its customers receive the products they require.
“No option should be ruled out in protecting the long-term future of Liberty Steel and that must include the option of nationalising the business.”
Earlier this month Labour called on the ministers to intervene before liquidation to save jobs, terms and conditions, and give customers and supplies confidence orders will be fulfilled.