British Steel

Jim Cunningham Excerpts

Wednesday 22nd May 2019 Commons Chamber

[Greg Clark]

It is not a question of having the funds available; it is a question of the legality of being able to deploy them. The right hon. Gentleman will know, as the House will, that I have a good record of being able to invest alongside private businesses where this secures jobs and innovation. That is absolutely something that I would do in the steel sector. One legal requirement—we are meeting the legal requirements—is to show that there is co-investment from a private investor. In the situation in France, there was substantial investment on both sides. The same was not available in this case, which was one reason why the advice that I was given was of the nature that it was.

[Mr Jim Cunningham (Coventry South) (Lab)]

We have been here on two or three occasions, including with GKN and Bombardier, so one wonders where we are going, as the steel industry is vital to manufacturing in this country and, more importantly, to the defence industry. I thank the Secretary of State for his statement, but I can tell him that I worked at Rolls-Royce when it collapsed in 1971 and there is no worse situation an employee can find themselves in; that situation went on for weeks, until eventually the Heath Government had to semi-nationalise it. I have the feeling that you may be back here in a couple of weeks’ time if you cannot find a buyer, so you will really have to consider that. I hope you will consider that, because if you do not, you will be inflicting a lot of pain on a lot of good employees who work very hard. Once you have experienced something like that, you never forget it.

[Mr Speaker]

The hon. Gentleman raises a very serious point, but I just gently observe that I will not find a buyer and I will not be giving any consideration to this matter whatsoever.