The King’s Speech on Wednesday confirmed that the UK government will continue to explore ways to nationalise British Steel, Kallanish learns.
“The United Kingdom’s economic security depends upon world class infrastructure,” King Charles said. “My ministers will continue to take all action necessary to safeguard the domestic production of steel,” he added.
This comes after UK Prime Minister Keir Starmer announced earlier in the week, ahead of the King’s Speech, that the government would introduce legislation that will give it powers to bring the steelworks into public ownership, subject to a public interest test.
An agreement could not be reached with the current owners, Jingye, Starmer added. The move has been broadly welcomed by industry associations and workers’ unions.
The time frame for the proposed legislation is currently unknown.
Cara Haffey, leader of industry for industrials and services at PwC UK, says: “Measures to safeguard domestic steel production and invest in major infrastructure reflect the growing recognition of industrial sectors as strategic national assets, underpinning supply chain resilience and competitiveness.”
Author: Carrie Bone
