Unlock the editor’s digestion for free
Rula Calaf, FT editor, chooses his favorite stories in this weekly newsletter.
Parliament will be reminiscent of Saturday to debate emergency legislation to open the British steel place in Scantorp, as ministers compete to avoid the collapse of the company and the loss of 3,500 jobs.
Sir Lindsay Hoyle, Speaker of the House of Commons, announced on Friday that he approved a request to remind lawmakers on Saturday “to take legislative proposals to ensure continuous operation of British steel steel steel steel steel”.
Downing Street said the legislation would allow the government “targeted steel companies in England”, but said the full nationalization of British steel would stop.
A spokesman for Prime Minister Sir Kir Starmer said: “The law draft -law gives the government the power to direct steel companies in England, which we will use to protect Scantorp.
“It allows the UK government to preserve the ability and provide public security. It also provides all options to remain sustainable for the future of the factory and the existence it supports.
“We have been negotiating with the owners of British steel with goodwill ever since we come to office. We have always been clear that there is a bright future for steel in the UK. All options remain at the table.”
The government official said the new powers would be used to maintain the blast stoves and order new raw materials to maintain the functioning of the site.
Talks are going on for a whole week between ministers and the Inginje Group, the Chinese owner of British steel. Lawmakers will meet at 11am on a very unusual Saturday sitting to discuss emergency legislation.
Ingingi warned last month that the two remaining stoves of the company – the last in the UK – are no longer financially viable and began consultations on job losses.
Closing the stoves at the British Steel factory in Scantorp will leave UK As the only G7 country cannot make steel from scratch using raw materials.
Maintaining British steel has become a major strategic priority for the government, which has left the £ 2.5 billion in support of the sector.
The Starmer government is also developing an industrial strategy to restore key sectors and is particularly concerned about the threat of steel industry from Donald Trump’s global tariff of 25 percent of steel and aluminum imports in the United States.
British steel declined to comment.
Roy Rickhus, Secretary -General of the Union of Steel in the Community, welcomed the emergency session: “A solution has been established to provide a future for British steel as a vital strategic business. We cannot allow the UK to become the only G7 country without primary capacity.”
Source link
