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Amendment of the Law

Part of the debate – in the House of Commons at 12:52 pm on 19th March 2015.

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Photo of Vincent Cable Vincent Cable The Secretary of State for Business, Innovation and Skills 12:52 pm, 19th March 2015

We do not know what will happen in relation to Tata Steel, but I and my Department are talking to the parties involved, including the trade unions, and we are very concerned about the situation. The hon. Gentleman may, however, have overlooked one thing in the Budget. We had a very emotional debate in the House about the future of the steel industry a couple of months ago, and there is a lot of genuine concern, which I share, about the future of steel. Many of its problems derive from relatively high energy costs, but one element of the Budget was to bring forward the compensation to help steel producers—whether in south Wales, the midlands or the north—to deal with the pressures on their costs. I would have hoped that, at the very least, there should be a little acknowledgment of that.