Written question asked by Lord Redwood (Conservative) on Thursday, 16 July 2026, in the House of Lords. It was due for an answer on Thursday, 30 July 2026. It was answered by Lord Leong (Labour) on Wednesday, 29 July 2026 on behalf of the Department for Business, Innovation, Science and Trade.

British Steel: Nationalisation

Question: To ask His Majesty's Government whether they acquired the debts and borrowings of British Steel as part of nationalisation.

Answer: The Schedule of the transfer Regulations (S.I. 2026/832) laid on 16th July defines the property, rights and liabilities excluded from the transfer, meaning they remain the property, rights and liabilities of the transferor. These include but are not limited to any liabilities owed to, or relating to liabilities owed to undertakings within the same corporate group as the transferor. Certain unsecured liabilities owed to third parties are also excluded. The Government has acknowledged the duty to bring forward compensation scheme regulations to allow an independent valuer to determine whether or not compensation is payable.

Secondary information