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Welcome to F.T. Politics, a weekly podcast on British politics from the Financial Times.

I'm Sebastian Payne, digital comment editor, and this week we'll be discussing the British

steel crisis and whether the National Living Wage is a good thing.

To discuss this, I'm delighted to welcome Sir Vince Cable, the

former business secretary, the FT's energy correspondent and former political reporter

Kiran Stacy, Chief Economics commentator Martin Wolf, and Martin Sandbuh who writes our daily free lunch email on economics.

Thank you all for joining.

So let's begin by discussing the crisis in the British steel industry

which has been prompted by the news that Tata Steel is

applying to sell off its British plans a poundly their operations are losing 1 million

pounds a day and questions are now being asked about whether there is a future for steelmaking in these aisles.

Someone who thinks there is is Vince Cabo, the former business secretary in the coalition government,

who in an article for the F.T. this week, Sanjay Javid, the current business secretary,

and his former colleague,

...