British Steel: Nationalisation

Department for Business, Energy and Industrial Strategy written question – answered on 4th June 2019.

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Photo of Faisal Rashid Faisal Rashid Labour, Warrington South

To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will make it his policy to nationalise British Steel.

Photo of Andrew Stephenson Andrew Stephenson Assistant Whip, Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

Nationalisation would change the ownership of the plant, but not how it operates. It would require the Government to take on the company’s outstanding financial obligations and may not provide the necessary legal security and protection for taxpayers’ investment.

Once nationalised, in line with strict state aid rules for steel, the Government would have to act in the same was as any private owner, thinking principally of making a profit.

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