Find a credible plan for British Steel, ministers told as ‘startling’ costs soar
Government spending watchdog warns of price of keeping publicly owned firm in business
TL;DR
- The government watchdog has highlighted the "startling" costs of keeping British Steel in public ownership.
- British Steel was taken into public ownership in July to protect steel production.
- The company is costing £1.3m a day to run, with estimated total costs reaching £1.5bn by 2028.
- MPs are calling for a credible plan for the future of British Steel, including a sustainable business model and decarbonisation pathway.
- There are concerns that funding for British Steel may impact support for the wider steel industry.
- The former owner, Jingye, is seeking compensation from the government.
- China's government has expressed dissatisfaction with the situation.