ExxonMobil: Mossmorran

Lord Teverson Excerpts

Monday 24th November 2025 Lords Chamber

[Baroness Lloyd of Effra (Lab)]

I do not agree with that commentary on our approach to the economy. In fact, I want to take some time to talk about the positive signs in the UK economy. The UK was the fastest-growing G7 economy over the first half of the year, with cumulative GDP growth at 0.9%. The IMF forecast the UK to be the second-fastest-growing economy in the G7 in 2025 and the third-fastest in 2026. I am sure that noble Lords frequently hear the Chancellor and the Prime Minister talking about the value of the inward investment into the United Kingdom. They have been integral to securing that inward investment, as this is an extremely investable country.

[Lord Teverson (LD)]

My Lords, it is clearly a tragedy for the petrochemical industry in terms of this plant in Scotland. However, in a way, it is only a precursor for the tsunami that is about to happen to the steel industry if we are not careful. As a third country to the European Union—which we unfortunately are now, due to the Conservative Party—we will now face 50% tariffs on our steel industry, 80% of our exports of which go to the European Union. Can the Minister update us on what her department is doing to prevent that wiping out of the UK steel industry that is about to happen, given our third country status?

[Baroness Lloyd of Effra (Lab)]

The steel industry is incredibly important to the Government. As noble Lords know, the Government have taken action in respect of British Steel, and, as I outlined earlier, in respect of energy costs for the industry. My department has been engaging in discussions with EU counterparts on this to ensure that we properly understand what is going on. We will always take action to protect our industry.