Steel Industry Nationalisation Bill - New Clause 8: Contingent liabilities

He supports nationalising British Steel, which he advocated for seven years ago when it was sold to Chinese investors. He criticises the previous government's decision and implies that if they had followed his advice, the current issues would not exist.

He raises concerns about how proposed measures might inadvertently harm the UK steel-processing sector. He mentions a constituent's view that while costs for raw materials are increasing, there are no comparable restrictions on imported finished products, which could be seen as detrimental to manufacturing and could damage the Shropshire and west midlands steel industries.

She clarifies her position in setting the record straight, emphasising that she is present as 'Ms Nokes' rather than a minister. However, no specific arguments against or for the clause are provided beyond this clarification.

Chris McDonald argued that nationalisation was a necessary tool to address market failures, particularly in the steel industry. He highlighted the Government's support for transitioning towards electric arc furnaces while ensuring the availability of blast furnace-produced primary steel from Scunthorpe. He also addressed concerns about delays in the project in south Wales and stated that delays are not unusual but were specific to groundworks issues.

Mr. Edward Leigh intervened, supporting the Government's position on nationalisation for Scunthorpe and emphasising that constituents want a viable steel industry without ideological constraints. He asked if the Minister could commit to ensuring the viability of blast furnaces in Scunthorpe.

Mr. Jacob Collier intervened, expressing support for buying British steel but raised concerns about JCB's inability to source certain grades and sizes of steel from the UK due to the Dalzell plate mill not operating fully. He requested a meeting with the Minister and JCB to discuss these issues.

Mr. Mark Pritchard rose to raise concerns about tariffs that may be applied to materials not currently available from UK manufacturers, citing the Shropshire chamber of commerce's concerns and potential unintended incentives for steel-processing fabrication work to move overseas to avoid tariff costs.

Mr. Gideon Amos intervened regarding Coker Engineering in his constituency, which supplies Rolls-Royce and other defence companies with steels from certified electric arc mills but is worried about facing 50% tariffs after July.

Mr. Alex Ballinger intervened, mentioning concerns raised by businesses in his constituency regarding the impact of 50% tariffs on fabricated steel products and requested interim relief for those potentially affected by these tariffs.

Sarah Olney supports amendments for greater transparency and accountability in government actions, proposing a stakeholder advisory committee to ensure broad input from industry experts and local communities. She emphasises the importance of protecting jobs and supporting economic transition.

Sarah Champion supports the Government’s actions to protect British Steel, highlighting the need for investment and commitment to revitalise the steel industry. She emphasises the importance of fair trade measures and protecting local businesses in her constituency.

Mr. Jeremy Wright expresses concerns over clauses 1 to 3, arguing that they give the Secretary of State overly broad powers for nationalisation without sufficient constraints on public interest and definitions of 'steel undertaking'. He supports amendments 21 and 14 to tighten these provisions.

Mr. Richard Tice intervened, defending the Government's need for an indefinite extension of the sunset clause as necessary to prevent delays from undermining nationalisation efforts.

Mr. Lee Barron supports the Bill and its amendments, emphasising the historical importance of public ownership in saving jobs and industries such as steel production in Corby. He highlights the Government's £2.5 billion investment plan to rebuild the UK's steel sector.

Mr. Tice supports the bill and argues against Conservative amendments that could delay necessary investment in steelmaking infrastructure. He raises concerns about delays preventing the transition from negative to positive cash flow.

Mr. Wright questions Mr. Tice's logic regarding the Conservative party's proposals that aim to limit Government power in defining a steel undertaking, public interest, and extending Bill effects without parliamentary approval.

Mr. Vickers supports the bill but agrees with opposition front benchers in trying to constrain its cost, challenging Mr. Tice for a specific figure on spending.

Mr. Stuart seeks clarity on how constraints imposed by the Conservative party could lead to delays in steelmaking investment.

Mr. Leigh agrees with Mr. Tice's points, especially regarding high energy costs affecting profitability at Scunthorpe and the need for a sane energy policy.

He argues that additional requirements in some amendments could hinder swift Government action. He supports value for money and existing procurement policies. He raises concerns about new clause 5 potentially compromising national security by releasing sensitive commercial information.

Intervened to express concern that the £2.5 billion allocated by the Government for the steel plan is inadequate to support nationalisations proposed by Members across the House, citing National Audit Office data suggesting £1.5 billion in losses from running Scunthorpe plant alone without investment or compensation.

Supports clauses that allow for full public ownership to protect jobs and national interest. Emphasises historical context of Teesside's steel industry, including the impact of Redcar steelworks closure. Argues against Opposition amendment 12 due to potential instability it may cause.

Questions whether £2.5 billion is sufficient for interventions proposed by Luke Myer, highlighting the risk of continuous public cash bleed without proper investment.

The Minister highlighted that there is a lot to discuss and warned Members of possible long debate due to time constraints. He emphasised the need for a robust steel sector capable of producing steel for all parts of the UK, including Northern Ireland.

Expressed support for nationalisation to ensure a strong and secure steel industry. Emphasised the importance of defence sector reliance on domestic steel production.

Questioned the clarity of remarks made by Graham Stuart and highlighted the need for a strong, secure steel industry. She also pointed to the broader economic impact on supply chains.

Questioned whether there is a coherent strategy with sufficient funding for steel industry revival, expressing concern about bleeding public money without achieving positive outcomes.

Inquired about the consistency of the Government’s current energy strategy in supporting a successful British steel industry and asked if any changes are anticipated.

Requested guarantees regarding the certainty of the new electric arc furnace in Port Talbot being built and operational.

Contrasted the current Labour Government's record on Welsh steel with past Tory governance, highlighting investments made since Labour came to power.

Called for clarity on several points including continuation of blast furnaces, public interest test reversibility, contingent liabilities, and sunset clause. Urged the Minister to meet Members concerned about steel tariffs.

Stressed the urgency of addressing concerns with a deadline approaching on 1 July, warning of potential job losses in the sector.