British Steel Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Jeremy Lefroy
Main Page: Jeremy Lefroy (Conservative - Stafford)Department Debates - View all Jeremy Lefroy's debates with the Department for Business, Energy and Industrial Strategy
British Steel
Jeremy Lefroy Excerpts(5 years, 4 months ago)
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Greg Clark
The hon. Gentleman makes an excellent point. Improving the access to and availability of patient capital in this country is a focus through the industrial strategy and some of the work that the Treasury is doing, but there is more work to be done. He is right—a long-term owner of British Steel needs to have the patience required in an industry that is, and always has been, subject to the ups and downs of the economic cycle and sometimes conditions in international trade. It is often not the most stable of industries, and as I think he would agree, any owner needs to be resilient to that.
Jeremy Lefroy (Stafford) (Con)
British-manufactured steel is vital for exporting companies in my constituency, such as General Electric, and across the country and therefore makes a huge contribution to our balance of payments. What is being done to support the export of British steel both directly and through other manufactured goods? Will my right hon. Friend comment on what my hon. Friend the Member for Middlesbrough South and East Cleveland (Mr Clarke) said about the possibility of the UK Government being a co-investor, alongside others, to ensure that British Steel continues to serve this nation so well?
Greg Clark
On the first point, there are great opportunities for exports. The support group has been working with the Construction Products Association, for example, to improve the marketing of British Steel products in this country and to overseas markets. Support is available through UK Export Finance for British exporters in all sectors. When it comes to the requirements of any bidder, strict rules pertain to British Steel, which is one reason why it requires an understanding of the investment plans of prospective bidders. That is something I have been doing, and I hope it will continue in the new Government.