Oral Answers to Questions

Liam Byrne Excerpts

Thursday 30th November 2023 Commons Chamber

[The Minister for Industry and Economic Security (Ms Nusrat Ghani)]

Almost all the G20 countries have operational blast furnaces, and a number of those are transitioning to electric arc furnaces as well. We know the importance of Scunthorpe, which is a key driver of economic growth. British Steel provides a third of all domestic production supplied to the construction and rail industries. We continue to be in negotiations to make sure that we secure the best deal, and one that is good value for taxpayers, when it comes to Scunthorpe.

[Liam Byrne (Birmingham, Hodge Hill) (Lab)]

On Tuesday, we finally had answers from Lisa Wilkinson about the mistakes that led to the collapse of that much-loved firm, but Ms Wilkinson was not able to answer why 70% of the profits in the last four years were paid out in dividends to family trusts while the deficit in the pension fund amounted to now £50 million. Will the Secretary of State ensure that regulators explore every option to claw back those dividends so that Wilko pensioners are not short-changed?

[Kevin Hollinrake]

The right hon. Member raises a very important point. He has looked at this matter very carefully, including on the Business and Trade Committee, and I thank him for his work. I was pleased to give evidence to his Committee on Tuesday. Clearly, the Insolvency Service is looking at this. It is looking at the directors’ conduct report from PricewaterhouseCoopers, the administrator, which it needs to look at very carefully. It is clear from that report so far that there is no evidence of director misconduct, but further work is ongoing. The Insolvency Service is due to meet the administrator, PwC, in January, and we will look at the situation as it unfolds.