UK Politics

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UK to take emergency control of British Steel, with nationalisation on the table (www.reuters.com)

submitted 1 week ago by IndustryStandard@lemmy.world to c/uk_politics@feddit.uk

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LONDON, April 12 (Reuters) - Britain moved to take control of British Steel and keep its blast furnaces open on Saturday, as a minister told an emergency parliamentary session that a full nationalisation of the UK's last maker of virgin steel was becoming increasingly likely.

The government recalled lawmakers, who had been on Easter recess, in order to pass a law enabling it to direct the company's board and workforce, ensure they get paid, and order the raw materials to keep the blast furnace running.

Prime Minister Keir Starmer said that he was taking action to avert the imminent closure of the blast furnaces, which are operating at a loss of 700,000 pounds ($915,600) a day.

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[–] tetris11@feddit.uk 2 points 1 week ago

I can understand that from a long-term point of view of protecting this country's interests and independence.... but I just don't buy that this country thinks that far ahead. This smells more like the usual short-term business shenanigans that we do so well