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Steel Industry (Special Measures) Bill

Mr Speaker, I wonder whether you will forgive me for returning the debate to the Bill, which is about saving British Steel. That is what the debate should be focused on, and I commend the Secretary of State for bringing forward the powers to achieve that goal. He has acted with decisiveness, speed and certainty, and I thank him for the Bill he has presented today. He has acted in the national interest, and he has acted to safeguard our economic security. I am delighted that he has also acted in line with the Select Committee’s advice, which was tabled with him 10 days ago—as we know, that does not always happen. We urged him to maximise pressure on British Steel’s owners, not to do what was easy, but to do what was right. Today he has returned to the House with a Bill asking for the powers to do exactly that.

This legislation matters not simply because it protects 3,700 jobs in Scunthorpe, not simply because it protects 37,000 jobs in the steel supply chain across our nation and not simply because it safeguards nearly £2 billion of economic output; it matters because it defends our economy, our security and, therefore, our future. At the heart of this debate is a very simple question: can we entrust a critical national asset to a company we do not trust? I say no, we cannot, we must not and we dare not. We are presented with a very simple challenge in British Steel’s owners: we have a company in possession of an asset that we need, yet it is a partner that we do not trust. In a world where threats to our economic security multiply each day, we cannot allow that risk to fester at the heart of our industrial core.