The plan had been for the national fraud squad to report to the SFO but Ms Wright

The plan had been for the national fraud squad to report to the SFO, but Ms Wright said that the police “increasingly objected to the prospect of police officers reporting to a civilian command”.Currently, the SFO runs investigations in conjunction with local fraud squads. For example, last year a Bournemouth solicitor was jailed for two years after an investigation by the SFO and Dorset police into allegations of misuse of client funds. In another case, three defendants went to jail at the end of an inquiry by the SFO and Nottinghamshire police into ostrich breeding scams.An alternative to the national fraud squad plan is now being considered. This is for one authority, probably the City of London force, to create a “lead fraud squad” or “super squad”.This squad would be able to second officers to smaller forces if they needed help in investigating white-collar crime.However, Ms Wright warned that this solution would still not deal with one of the fundamental problems ­ that the police are reluctant even to take on fraud investigations because of a lack of training or resources. The SFO director warned earlier this year that white-collar crime was increasingly going unpunished.. Corus, Britain’s largest steel company, is to warn that five steelworks and up to 18,000 jobs are under threat from tough new trade proposals being drawn up by the US President, George W Bush. Corus fact file
* Born out of British Steel, privatised in 1988* In 1999 bought Dutch rival Koninklijke Hoogovens and changed its name to Corus * Britain’s largest steel producer and No 4 in Europe* Produced 20 million tons of steel in 2000, 12 per cent of total EU production* Corus exports 6.5 per cent of its production to the US* Made 6,000 workers redundant this year and 6,000 in the previous two yearsSteel facts* World steel production this year projected at 828 million tons, and consumption is estimated to be 763 million * Between 1993 and 2000, the US increased its capacity by 19 million tons, and EU companies reduced capacity by 2 per cent * The US is this year expected to import 22.2 million tonsSources: Corus/EU/International Iron & Steel InstituteCorus, Britain’s largest steel company, is to warn that five steelworks and up to 18,000 jobs are under threat from tough new trade proposals being drawn up by the US President, George W Bush.The potential closures come on top of the 6,000 job losses announced this year by the embattled group, chaired by Sir Brian Moffat.

The moves, swamped by a chorus of critics, were an attempt to keep the giant’s head above water as steel prices hit their lowest level for nearly 10 years.The new threat is from the US International Trade Commission (ITC), which is investigating whether the US should impose tough import quotas or tariffs on steel imports. Corus exports 1.3 million tons of steel a year to the US, around 6.5 per cent of total production. The company has warned that if restrictions were imposed, then plants at Rotherham, Stocksbridge, Teeside, Scunthorpe and IJmuiden, in the Netherlands would be hit. These plants employ some 18,340 people, IJmuiden the largest with 8,000, then Scunthorpe with 4,200 and Teeside with 3.200.”It would have a significant impact [on these plants],” said a spokesman. “Ultimately it could lead to a reduction in jobs.” Earlier this month Corus wrote to the Trade and Industry Secretary, Patricia Hewitt, along with 100 MPs, urging a dialogue with the US authorities. “The US steel industry needs to get itself in shape rather than running to the US authorities for help,” said the Corus spokesman.

“Putting a blanket ban on imports is like using a sledge-hammer to crack a nut. The US would be better concentrating on eliminating excess capacity.”The ITC is to make its recommendations at the end of the year, but has already made clear it believes imports are to blame for the collapse in the US steel market. The investigation request by President Bush, a strong believer in the free market economy, has raised eyebrows on Capitol Hill. If the US imposes restrictions, tough opposition is likely from Brussels.