Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, whether he has considered increasing the size of the Steel Fund, in the context of funding allocated to the running of British Steel under the Steel Industry (Special Measures) Act 2025.

We are committed to providing up to £2.5bn for steel which is being delivered in part through the National Wealth Fund.

At the Spending Review, the Chancellor confirmed that we will invest in the long-term future of Scunthorpe. We have been clear that private investment to modernise British Steel will also be required and work continues at pace to develop the optimal approach. Over £100m of funding has been provided to British Steel to ensure continued operation of the blast furnaces.