UK Steel Strategy

Earl of Effingham Excerpts

Monday 23rd March 2026 Lords Chamber

[Baroness Lloyd of Effra (Lab)]

The noble Lord also brings his extensive interest and expertise to this. I agree that businesses will be worried about the impacts of the situation in the Middle East. The example he gave is very good at showing the practical impacts of what people are encountering day to day. We are monitoring this extremely closely and working with industry—the Secretary of State will meet with businesses in the coming days—to get a full picture of those types of impacts. The consultation on the British industrial competitiveness scheme is currently closed, but we will set out what it means in the coming period.

[The Earl of Effingham (Con)]

My noble friend Lord Sharpe quite rightly said that open markets are good and, following on from my noble friend Lord Harper, it is quite correct that economists may say that the uncertainty of tariff policy is not favourable for employment or investment. So I ask the Minister: why exactly do the Government think tariffs are a good idea and when can we see the assessment of the cost—the knock-on effect that tariffs will have on consumers?

[Baroness Lloyd of Effra (Lab)]

Like many countries, we have applied tariffs to counteract the damaging effects of global overcapacity. Our action is not unique; the US, Canada and the EU all apply similar measures to tackle overcapacity. As I mentioned, it has followed engagement and we are looking at transitional measures to ensure that those contracts that have already been put into place can be taken forward. We will also review the measure after 12 months to ensure that it remains effective.