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Steel Industry (Special Measures) Bill

My hon. Friend the Member for Clacton (Nigel Farage) and I have been calling for British Steel to be a strategic national corporation for some six years. We said to the previous Administration that the last thing they should do is sell it to the Chinese, but they ignored our splendid advice. The industry requires long-term investment. The problem, as we all know, is that it has been beset by short-termism and short-term thinking, as well as by the vast electricity costs in this country, partly caused by net stupid zero and the carbon tariff.

There is now a great opportunity for the House to unify. As the Secretary of State confirmed, we have the opportunity to take British Steel into public ownership—this weekend, we would urge, for the sum of £1. We could do a great deal for the taxpayer. We should invest in refurbishing and relining these blast furnaces, in the same way that the French are doing in Dunkirk. They are spending a quarter of a billion euros in Dunkirk, and we should do the same. We should bring in excellent global expertise to help British Steel. There will be opportunities if we do those things and have long-term procurement contracts for raw materials, including the opportunity to use British coal from Cumbria. That is an opportunity that the Government declined, but it would create more jobs and save on transport costs. There is also the opportunity for long-term procurement contracts for British Steel products. Those are opportunities to make British Steel a long-term, viable business for the taxpayer. We can bring in long-term patient capital. If we do those things, we can get everything that we want. Primary steelmaking is a vital strategic asset, and Scunthorpe can be its epicentre.

We will support the Government’s Bill today, but there is an opportunity to go further, to be bold and to be courageous. The Secretary of State should show his cajones and show some mettle. This weekend, he and the Government have the opportunity to remove the uncertainty for 3,000 families in Scunthorpe. Let us go for it. Let us nationalise British Steel this weekend and make British steel great again.

12.41 pm