The article recounts the financial struggles of Rolls-Royce in the 1970s, emphasizing its national significance similar to modern concerns with British Steel. Facing a dire situation due to cost overruns on the RB211 engine, the government nationalized Rolls-Royce's engine-making division to avert collapse and safeguard jobs and defense capabilities. This strategic intervention, despite prior ideologies against state control, was viewed positively as an example of prioritizing national interests. The article draws parallels to current events, suggesting that lessons from Rolls-Royce's history could guide present-day government actions regarding British Steel.
The government acted in national interest, avoiding massive redundancies while preserving defense and international interests, showcasing the need for strategic foresight in nationalization.
Heath's actions in 1971 illustrate that disciplined and strategic planning in nationalization can yield successful outcomes without long-term state control.
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