Port Talbot Transition Project
Debate between Jonathan Reynolds and Catherine Fookes(2 months, 1 week ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Jonathan Reynolds
I am grateful to the right hon. Member for her questions. We will see the strategy in spring next year and the resources behind it, including the existing Government allocation for Port Talbot and the new money that the Government will put in. It is a £3 billion clean steel fund, so it is a significant investment. Obviously, I want a certain amount of return from that. I want to work with private sector partners. The kind of capital expenditure that is involved in the transition to green steel requires very significant partners who can deliver. It is not just a question of the Government doing this alone, and I think hon. Members recognise that. Steel safeguards are important. The right hon. Lady will know that steel is a significant part of the existing Trade Remedies Authority protections, many of which relate to China, but not exclusively so, and we keep them under regular review.
Catherine Fookes (Monmouthshire) (Lab)
I thank my right hon. Friend for today’s announcement and for reminding us of the role that steel plays in our green transition. He has done more in two months than the Conservatives did in 14 years. Many of my constituents in Monmouthshire, especially in Caldicot and Chepstow, work in the steel supply chain and in steel. Does he recognise that his announcement today has ramifications for the whole of south Wales?
Jonathan Reynolds
I thank my hon. Friend very much for her question. Let me say again that I wish that we were in a position to do even more, but I can tell hon. Members that this is the maximum improvement that was possible within two months. I know that in constituencies such as my hon. Friend’s people are seeking more than anything else a recognition that steel is not a sunset industry. It is vital to the future; it is not the case that it should be in inevitable decline in the UK. Indeed, we are an outlier in terms of the size of our steel industry among comparable G7 and OECD countries. This could be and should be a very positive story, and I am honestly confident that we can deliver that in future.