A parliamentary committee has dismissed the government's approach to British Steel, labelling its national security review 'not credible'. The report highlights a significant deficit in a viable plan for the company's long-term profitability, particularly as it faces a potential shift to green steel production without clear financial backing.
Labour MP Nic Dakin asserts that British Steel should be brought into public ownership by the summer if ongoing talks with its Chinese owner, Jingye, fail to resolve the company's future. The government's current intervention, costing £1.3m daily, has continued for a year without a long-term resolution.
The UK government is adopting a pragmatic approach to the surge in Chinese car imports, viewing it as an opportunity for consumer choice and potential investment, despite concerns from some quarters about domestic industry impact and unfair competition. This stance contrasts with protective measures taken by the EU and US, as the UK focuses on initiatives like the new Agratas gigafactory to bolster its own electric vehicle manufacturing capabilities.
