New legislation offers route to bring British Steel into public ownership
British Steel could be back in Government hands for the first time since being sold off in 1988, thanks to powers that will be included in new legislation to be set out in the Kings Speech.
The announcement follows the launch of the Government’s Steel Strategy in March, which set out its long‑term plan to revitalise the UK steel sector and bolster economic resilience by meeting up to 50 per cent of UK steel demand domestically.
The Government believes introducing legislation to provide a route to public ownership is the appropriate next step, while recognising that any decision to use the powers in the Bill would be subject to the Bill’s public interest test being met.
The public interest test considers factors including national security, maintaining critical national infrastructure and supporting the economy.
