Sir Keir Starmer announces his government plans to nationalise British Steel
Last updated 5 hours ago
Legislation will be brought forward this week to take “full national ownership of British Steel”, Sir Keir Starmer has announced.
The Prime Minister said:
“In Scunthorpe, we’ve been negotiating with the current owner, and a commercial sale has not been possible, and now a public interest test could be met.
“So, I can announce that legislation will be brought forward this week to give the government powers, subject to that public interest test, to take full national ownership of British Steel.”
There is a British Steel Research and Development site in Rotherham.
Charlotte Brumpton-Childs, GMB National Secretary, said:
“Unions have long known Jingye will not negotiate in good faith.
“This legislation will cover the whole steel industry - it isn’t specifically for British Steel but it is what will protect it from foreign owners.
“British Steel is a nationally strategic asset, it is right the Government does everything in its power to secure its long term future.
“GMB welcomes this decisive and timely intervention by the Government which will protect one of the UK’s most important industries.”
Business Secretary Peter Kyle said:
“Strong domestic steel production is vital for our economy, and this legislation would allow us to ensure stability for British Steel’s workers, suppliers and customers and avoid damaging disruption to crucial supply chains, while we consider options for the site’s future.
“Revitalising our steel sector is a top priority for this government, and bringing forward this legislation would allow us to explore potential future options for British Steel. The government recognises that securing the long-term future of the UK’s steel sector relies on both public and private investment for modernisation.”