John Redwood: How much more will Labour cheer for nationalisation?
The UK government is facing significant challenges in managing the Scunthorpe steel plant, which has been taken over from its Chinese owners. High energy prices and carbon taxes have led to substantial financial losses, raising concerns about the future of jobs at the facility. The government's unilateral decision to nationalize the plant has resulted in ongoing disputes and a lack of a viable long-term plan for its operation.
- ▪The Scunthorpe steel plant is losing £1.3 million a day, with total losses estimated at £642 million by June.
- ▪The government took control of the plant without agreement from its Chinese owner, Jingye, who wanted to close it due to financial viability issues.
- ▪There is no realistic business plan for the plant, and the government is under pressure to negotiate terms with the owners or face potential legal action.
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| Original publisher | ConservativeHome |
| Canonical URL | https://conservativehome.com/2026/05/20/john-redwood-how-much-more-will-labour-cheer-for-nationalisation/ |
| Publication time | Wed, 20 May 2026 05:30:37 +0000 |
| Retrieval time | 2026-05-20T05:34:59.850Z |
| Last seen | 2026-05-20T05:34:59.850Z |
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Opening excerpt (first ~120 words) tap to expand
Sir John, now Lord, Redwood is a former MP for Wokingham and a former Secretary of State for Wales. The government is presiding over the collapse of the steel industry. It is one of many casualties of its high energy prices and carbon taxes. The traditional two last blast furnaces at Scunthorpe struggle with dear fossil fuels and with high carbon taxes. The more modern electric arc furnaces elsewhere which the government prefers suffer from dear electricity. Are the government misleading the employees about the future of all their jobs given the absence of a realistic plan to run the blast furnaces as a long term proposition? The government in a dramatic move legislated one Saturday a year ago to take management control of Chinese owned Scunthorpe, giving taxpayers the task of paying the…
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