Question to the Department for Business and Trade:

To ask His Majesty's Government, further to the remarks by Baroness Jones of Whitchurch on 31 March (HL Deb cols 16–18) committing to provide £2.5 billion to the steel industry, whether they will have an economic interest in the resulting assets and income streams.

The Government has committed up to £2.5bn to support the UK steel industry, which will be available through the National Wealth Fund (NWF) and other routes.

The NWF will catalyse private capital in the UK’s world-leading clean energy and growth industries, including green steel. NWF investments are intended to deliver a positive financial return for the Exchequer, in line with its Financial Framework.

We are also considering other funding mechanisms to help achieve our vision for the sector. We will provide further details in the steel strategy when it is published in spring 2025.