The Bill to grant the Government powers to nationalise steel companies such as British Steel, subject to a public interest being met, is continuing to progress through Parliament.
The legislation, which builds on the Government’s Steel Strategy, had its third reading in the House of Commons on Tuesday.
It had its first approval from MPs and will now be debated in the House of Lords. If amendments are suggested in the Lords, these would pass back to MPs for approval.
During the reading, Peter Kyle, The Secretary of State for Business and Trade, said: “This Government believe in Britain’s steel future. This Bill will help to transform that belief into a reality.
“It will ensure that the long-term vision for our UK steel sector is realised, helping to restore domestic production to sustainable levels and to support this Government’s economic growth plans. This Bill provides powers for the Government to bring steel companies into public ownership, subject to the public interest test being met.
“In many ways, the progress of this Bill has shown the House at its very best, with passion, insight and determination to take action in the national interest. We had an excellent and wide-ranging debate, with Members from all parts of the House recognising the importance of passing this legislation.”
The Secretary of State went on to say: “The House has sent a clear message about the importance of decisive action to safeguard the future of the steel industry.
“Since I became Secretary of State, I have championed an activist, interventionist industrial policy – activist, because the years of standing back and watching British industry decline are over; interventionist, because we, like other Governments around the world both right and left, from the United States to France and Germany, step in to invest, modernise and protect our industries.
“Our policy is both activist and interventionist, because purpose without action is merely rhetoric, and acting without purpose is performative, not strategic. The Bill is action with a purpose, and the purpose is clear: to invest in, modernise and protect Britain’s steel.”