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Steel Industry (Special Measures) Bill

Recalling Parliament today was absolutely the right thing to do, but to be frank, it is extraordinary that we find ourselves in a situation in which our sovereign steel industry is in such peril as a result of the Conservatives’ failings and the Labour Government are now trying to give themselves unprecedented powers.

It is astounding that, even after British Steel was sold for £1, even after it entered insolvency and even after the Government’s Insolvency Service temporarily ran it, the Conservatives pressed ahead to erect more trade barriers through their botched Brexit deal, scrapped the Industrial Strategy Council and allowed the sale of the steel plant to a Chinese firm that, according to Ministers, is now refusing to negotiate in good faith at least to keep the plant going. The Conservatives were asleep at the wheel. They failed to tackle energy costs and business rates, and now Trump’s tariffs and contagious protectionism are the straw that has broken the camel’s back.