British Steel plan lacks credibility, MPs say
A report by the Public Accounts Committee states that the UK government lacks a credible plan to make British Steel profitable following its nationalization. MPs warned that the current steel tariff regime could drive smaller businesses out of operation or force them to relocate production abroad. The government responded by welcoming the report and affirming its commitment to securing the long-term future of the UK steel sector.
- ▪The Public Accounts Committee found that the Department for Business, Innovation, Science and Trade failed to provide clear estimates on the total cost of nationalizing British Steel.
- ▪New steel import tariffs, which doubled taxes on certain imports to 50%, risk causing higher costs for businesses that must import specific steel types unavailable domestically.
- ▪British Steel was taken into public ownership in July after an emergency bill was passed to prevent the closure of blast furnaces in Scunthorpe.
- ▪The government's steel strategy aims for 50% of UK steel usage to be domestic but remains vague on the timeline for achieving this target.
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| Publication time | Fri, 18 Sep 2026 12:47:15 GMT |
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British Steel plan lacks credibility, MPs sayImage source, Getty ImagesImage caption, British Steel was taken into public ownership in July after years of uncertainty over its futurePublished29 minutes agoThe government has no credible plan for the future of British Steel, MPs have claimed.A report by the Public Accounts Committee (PAC) said the Department for Business, Innovation, Science and Trade (DBIST) had not set out how British Steel, which runs its main plant in Scunthorpe and has operations in Teeside, would become profitable.MPs warned steel tariffs could drive firms out of business or to move abroad.A spokesperson for DBIST said it welcomed the report and would review the recommendations, adding securing the long-term future of the UK steel sector "was in the national…
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