Speciality Steel UK: Insolvency

Andrew Snowden Excerpts

Tuesday 2nd September 2025 Commons Chamber

[Sarah Jones]

My hon. Friend and I have spoken many times about this—she is such a champion for the industry, as are many colleagues. She is right to point to the importance to the country of the work at Stocksbridge. Of course, we will do what we need to do through the process of the official receiver to ensure that people get the salaries that they need. For the past couple of years, so many of those people have been on furlough—we want to turn that around. We believe that this viable industry is languishing unnecessarily. The Government will provide the right support through interventions such as our energy reduction measures, and work with the official receiver. I can tell her that multiple companies are interested and coming forward, and we need to establish how viable those offers are and what the best situation is. Of course, the official receiver must think of the best outcome for the creditors, but we take a close interest in that. My hon. Friend is right to point out the pensions issue. I know that there is uncertainty. The official receiver and Teneo are considering these issues now to see exactly what has and has not been paid so that we can unpick the pensions issue.

[Mr Andrew Snowden (Fylde) (Con)]

This is the second crisis in the steel industry in the past year. It impacts other commercially operated industries that are critical to our national security. In Lancashire, the failure to place an order for 25 Typhoon jets is risking thousands of jobs in the critical defence industry of BAE Systems. There is also a lack of join-up between Departments, which do not realise that the whole life-cycle of nuclear fuel manufacturing is equally critical for our national infrastructure and impacts on hundreds of highly skilled jobs in Lancashire at the Westinghouse Springfields site. Will the Minister update me on her work with the Ministry of Defence to ensure that commercially operated industries that are critical to our national defence capability and security are strategically supported to be sustainable in the future?

[Sarah Jones]

The hon. Gentleman is right to point out the importance of our defence industry and the need for us to support it. Of course, the industrial strategy outlined eight growth-driving sectors that we believe can be turbocharged with Government support—defence was one of them. We have published those sector plans, apart from the defence one, which will come shortly—he should look out for it. We have significantly increased funding for defence, which will lead to thousands of jobs across the UK. I will work closely with my colleagues in defence, particularly the Minister for Defence Procurement and Industry, to ensure that we procure UK jobs where we can and support our industry to grow.