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British Steel set to be nationalised, Starmer says
Key takeaways
- Michael Race Business reporter Reuters British Steel is set to be brought into public ownership, the prime minister has announced.
- Sir Keir Starmer said legislation would be brought forward this week to give the government powers to take "full ownership of British Steel", subject to a public interest test.
- The move comes after the government seized control of British Steel's Scunthorpe steelworks from its Chinese owners Jingye in April last year in order to halt the potential closure of its blast furnances.
Why this matters: a developing story that could shape the day's news cycle.
Michael Race Business reporter Reuters British Steel is set to be brought into public ownership, the prime minister has announced.
Sir Keir Starmer said legislation would be brought forward this week to give the government powers to take "full ownership of British Steel", subject to a public interest test.
The move comes after the government seized control of British Steel's Scunthorpe steelworks from its Chinese owners Jingye in April last year in order to halt the potential closure of its blast furnances.
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