British Steel

Lord Boateng Excerpts

Wednesday 8th November 2023 Lords Chamber

[The Earl of Minto (Con)]

Since 2018, the Government have provided about £200 million-worth of investment into the north and north-east Lincolnshire, across a range of different categories. As far as this specific transition is concerned, I ask the House to consider the level of support that has been agreed by the Government —new government money managed by both the Welsh and Westminster Governments—which is providing some transition from the historic steel jobs of Port Talbot to the future.

[Lord Boateng (Lab)]

My Lords—

[Lord Forsyth of Drumlean (Con)]

My Lords, it is this side. Does my noble friend recall that the second crossing of the Forth Road Bridge was made of steel, most of which came from China, where they are opening one coal-fired power station a week? Is it not insane to pursue a green agenda which will destroy jobs on this scale and at the same time cost many millions of what my noble friend describes as “government money” but which is taxpayers’ money or borrowed money that taxpayers will have to pay for?

[The Earl of Minto (Con)]

I completely understand the point about it being taxpayers’ money. There is no such thing as free money and it is very important that we do not lose sight of that. The issue of dealing with China has been well rehearsed, and the Chinese ownership of British Steel is widely known. We are supportive of that relationship.

[Lord Boateng (Lab)]

My Lords, it is our turn now, I think. The Minister says that we should leave the fate of these workers and our strategic interests as a nation to the market. Will he reflect on the ownership of the company in question? It is a Chinese company; every Chinese company is controlled by the Chinese Communist Party. Would he apply the same strictures to the Chinese and, if not, why should we subordinate our national interest to the market, when the Chinese—our competitors —do not?

[The Earl of Minto (Con)]

My Lords, I do not think I said that we are throwing employees into a wide market. In fact, I think I said that we would provide support to see them through the transition. We have a fair and open market for Chinese investment in this country. It is a major world trading relationship and, while I understand some of the political issues behind it, just to avoid a country of that weight is slightly isolationist.