UK Steel Strategy

Greg Smith Excerpts

Thursday 19th March 2026 Commons Chamber

[Peter Kyle]

My hon. Friend will know full well that when it comes to energy, we have announced the supercharger programme. Compensation is now being increased from 60% to 90%, offering relief and injecting competitiveness into the sector at the same time as offering protection. If we had done one without the other, we would, of course, just be pouring money down the drain. I can assure him that we are working with the National Grid and colleagues in the Department for Energy Security and Net Zero to make sure that we get the energy supply needed for the conversion to electric arc furnaces as quickly as possible.

[Greg Smith (Mid Buckinghamshire) (Con)]

Now that the Government have some experience of running a business with British Steel, what assessment has the Secretary of State made of the £37 million cost of the Employment Rights Act 2025 and the national insurance jobs tax increases on the viability of our steel industry?

[Peter Kyle]

I am grateful to the hon. Gentleman for giving himself the opportunity to score an own goal. When we came into office, we inherited a broken economy that was not delivering for working people. Our international relationships were on their knees, public services were stretched to breaking point and our economy simply was not generating income because of the circumstances that we inherited. We have acted to update workers’ rights for the moment we are living in, while getting a grip on the public finances that the previous Government left in utter chaos. Those are the fundamentals that we need moving forward to deal with all the global challenges that will come our way. If we had not got the finances on a stable footing, we would be in a much worse state now that we are facing the challenges that have come our way in recent times.