Asked by: Bill Esterson (Labour - Sefton Central)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what estimate she has made of the amount of Russian steel that has entered the UK after being processed in third countries since sanctions were introduced.
Answered by Nusrat Ghani - Minister of State (Minister for Europe)
UK sanctions cover over £20bn of UK-Russia trade, and goods imports from Russia have fallen 99.2% in the 3 months to January 2023 compared to 3 months to January 2022.
Through our sanctions packages, the UK has targeted steel products as a key Russian revenue source. Measures have included banning the import of all finished steel, and the application of an additional tariff of 35 percentage points on all steel from Russia. Our most recent package of sanctions, which entered into force on 21 April 2023, bans the import of further steel products, as well as the import of all Russian steel processed in third countries from September.
We will continue applying pressure against Putin and his regime, until Ukraine prevails or Putin ends his war of choice.
Asked by: Bill Esterson (Labour - Sefton Central)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, in the context of the proposed Audit, Reporting and Governance Authority, what assessment her Department has made of the potential implications for her polices of the Financial Reporting Council’s decision to increase its funding, staff and remit prior to the draft Audit Reform Bill being published.
Answered by Kevin Hollinrake - Minister of State (Department for Business and Trade)
The Department supports the FRC’s decision to set a budget for 2023/24 that will enable it to deliver its regulatory functions and strengthen its capability, based on its current powers and responsibilities, and in preparation for the Government’s planned reforms to audit and corporate governance
Asked by: Bill Esterson (Labour - Sefton Central)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether she has had recent discussions with the Leader of the House on when the draft Audit Reform Bill will be introduced to Parliament.
Answered by Kevin Hollinrake - Minister of State (Department for Business and Trade)
The Secretary of State has frequent discussions with Cabinet colleagues; the Government’s legislative programme will be announced in due course.
Asked by: Bill Esterson (Labour - Sefton Central)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, which Minster in her Department is responsible for audit reform; and what her timetable is for bringing forward the draft Audit Reform Bill.
Answered by Kevin Hollinrake - Minister of State (Department for Business and Trade)
Ministerial portfolios for the Department for Business and Trade will be confirmed shortly. The Government is committed to legislating when Parliamentary time allows.
Asked by: Bill Esterson (Labour - Sefton Central)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment she has made of the impact of rises in carbon costs on the competitiveness of the UK steel industry.
Answered by Nusrat Ghani - Minister of State (Minister for Europe)
The Government remains committed to a decarbonised and competitive steel sector. Industrial sectors (including steel) have been able to bid into Government competitive funds worth more than £1 billion to support them to cut emissions and become more energy efficient.
Additionally, UK Emissions Trading Scheme industrial participants, including in the steel sector, receive free allocations, mitigating the risk of carbon leakage. Free allocations are guaranteed at current levels until 2026, and we are reviewing how to target support to most at risk sectors thereafter. In March, the Government also published a consultation considering a range of potential policy measures to mitigate future carbon leakage risk and ensure UK industry has the optimal policy environment to decarbonise.
Asked by: Bill Esterson (Labour - Sefton Central)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment she has made of the implications for her policies of the economic impact of potential disruption in the global supply chain for steel; and what assessment she has made of the importance of the UK steel industry for economic security.
Answered by Nusrat Ghani - Minister of State (Minister for Europe)
I refer the Hon. Member to the answer I gave on 20 April to question 181111.
Asked by: Bill Esterson (Labour - Sefton Central)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether she has had recent discussions with the US Government on securing exceptions for UK companies under the US Inflation Reduction Act.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
The Secretary of State and I, and DBT officials, are having regular discussions with the US at all levels to represent the interests of UK firms and ensure the UK benefits from any flexibilities in the implementation of the Inflation Reduction Act. We will continue to work with the US on this issue, as well as engaging closely with other key trade partners, including the EU.
Asked by: Bill Esterson (Labour - Sefton Central)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps his Department is taking to encourage the uptake of domestic scrap in UK steel production.
Answered by Nusrat Ghani - Minister of State (Minister for Europe)
The uptake of domestic scrap in UK steel production depends on the decarbonisation pathways for specific steel sites. The appropriate decarbonisation pathways are a commercial decision for individual companies and will be based on multiple factors. The Government is working closely with companies as they make such decisions.
Alongside this, there is an industry-led Scrap Working Group to look into domestic scrap generation and future steel sector requirements. This Group brings together the steel and metals recycling sectors, alongside innovation organisations, academia and government.
Asked by: Bill Esterson (Labour - Sefton Central)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, if she will publish the timeframe for the establishment of the Clean Steel Fund.
Answered by Nusrat Ghani - Minister of State (Minister for Europe)
I refer the Hon. Member to the answer I gave on 20 April to Questions 181110/12.
Asked by: Bill Esterson (Labour - Sefton Central)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment his Department has been made of the (a) impact of potential severe disruption in the global supply chain for steel on the economy and (b) importance of the UK steel industry to the UK's economic security.
Answered by Nusrat Ghani - Minister of State (Minister for Europe)
We actively monitor global trade in steel and potential risks to supply chains, and we are fully aware of the difficult conditions and structural overcapacity that are currently facing the global steel industry.
Along with considering a wide range of data on international markets, we are active participants in a number of international fora, that are focused on ensuring consistent and secure supplies of steel. This includes the Organisation for Economic Co-operation and Development (OECD) Steel Committee and the Global Forum on Steel Excess Capacity.
Steel is a fundamental material across a wide range of manufacturing and construction sectors. The Government recognises the vital role the UK steel sector provides in the UK economy.