Industry and Exports (Financial Assistance) Bill

Luke Myer Excerpts

2nd reading
Monday 15th December 2025 Commons Chamber

[Luke Myer (Middlesbrough South and East Cleveland) (Lab)]

I support the Bill. It is a common-sense adjustment of limits that were set in another economic age, so that powers that Parliament has long judged to be legitimate can carry on being exercised to support our industry. It is not in the interests of working people for arbitrary historical figures to determine whether the Government can act in the national interest today or in the future. No country can sensibly insist that its industries compete in the modern world and at the same time bind its own hands with ceilings fixed years ago when the scale of production, trade and finance were altogether smaller—and indeed when my hon. Friend the Minister was last on the Government Benches, though of course he has not aged a day since then.

Without this Bill, both UK Export Finance and assistance under the Industrial Development Act 1982 would simply run into statutory limits because the law has failed to keep pace with reality. In places like Teesside, we know what happens when the tools of industrial policy are allowed to rust. We have seen world-class steelmaking exposed not because the work lacked value but because the state lacked the capacity or will to act. This Government have shown, including in their response to the challenges facing British Steel, that they will not hesitate to step in when working people’s security is on the line. This Bill is another step to ensure that that ability to act is preserved.

For industries such as steel, which are foundational to our defence, energy, infrastructure and advanced manufacturing, an active state is a necessity. The Bill is not the whole answer, and the steel industry still needs a full steel strategy as well as clarity from the Government about their response to the current global trading environment. However, the Bill is a reasonable change to support the industrial strategy and ensure that assistance already sanctioned by this House in principle does not fail in practice because legal ceilings have been allowed to fossilise. I therefore support the Bill.

There is a clear difference between intervention that entrenches privilege and intervention that enables productive work when private markets alone cannot bear the risk. Anyone who has spent any time at all speaking to our steel manufacturers, who are competing against heavily-backed overseas rivals, understands that distinction.

In that sense, the Bill is simply a maintenance of our existing capacity, updating it to today’s values. It keeps faith with our strategic industries and the communities on which they rely and ensures that the instruments that Parliament has judged necessary are not rendered useless by neglect. It also supports jobs across every region of the country and in doing so preserves Britain’s ability to make, build and export. For those reasons, I support the Bill.