British Steel
Debate between Lord Razzall and Lord Leong(1 week, 3 days ago)
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Lord Leong (Lab)
The noble Lord should probably reflect on the answer I gave to the previous question. We will appoint an independent valuer to take into consideration all aspects related to British Steel. Obviously, we have advanced British Steel £555 million for its running costs. That will also be taken into consideration by the independent valuer and we will abide by its final decision.
Lord Razzall (LD)
My Lords, today is a very significant day, as everybody knows. Will the Minister confirm whether this is a throwback to the previous Administration, or is this the first example of what the new Prime Minister calls governing as Labour? If so, does the Minister believe that this is the first of many such nationalisations?
Lord Leong (Lab)
My Lords, the answer to that is no. This is not an ideological nationalisation. It is a targeted, exceptional intervention to protect a strategically important company and capability that the country cannot afford to lose. The Government would have preferred a commercial solution, but that was not available on terms representing value for the taxpayer. The objective now is to stabilise British Steel, restore commercial and environmental responsibility and sustainability, and explore future private sector investment where that supports the national interest.