British Steel is set to be brought into public ownership, the prime minister has announced.
Sir Keir Starmer said legislation would be brought forward this week to give the government powers to take “full ownership of British Steel”, subject to a public interest test.
The move comes after the government seized control of British Steel’s Scunthorpe steelworks from its Chinese owners Jingye in April last year in order to halt the potential closure of its blast furnaces.
Sir Keir said the government had held talks with Jingye, but that a “commercial sale has not been possible, and now a public test could be met”.
“Public ownership is in the public interest”, the prime minister said in a speech aiming to see off a leadership challenge following Labour’s poor election results.
He said he would prove his “doubters” wrong and that for the British people, “change cannot come quickly enough”.
The steelmaking industry welcomed the announcement. Gareth Stace, director-general of industry body UK Steel, said it provided “vital certainty” for the 2,700 workforce and the company’s customers.
Retired, living in the Scottish Borders after living most of my life in cities in England. I can now indulge my interest in all aspects of living close to nature in a wild landscape. I live on what was once the Iapetus Ocean which took millions of years to travel from the Southern Hemisphere to here in the Northern Hemisphere. That set me thinking and questioning and seeking answers.
In 1998 I co-wrote Millennium Countdown (US)/ A Business Guide to the Year 2000 (UK) see https://www.abebooks.co.uk/products/isbn/9780749427917
borderslynn 