Steel Tariffs

Lord Foulkes of Cumnock Excerpts

Thursday 18th June 2026 Lords Chamber

[Lord Leong (Lab)]

First, I thank the noble Lord for all his work when he was a Minister in having conversations with the Indian Government. We should be celebrating and we should all be delighted that the landmark UK-India trade deal will now finally take effect from 15 July, delivering benefits for businesses and working people across the United Kingdom. This agreement, which is the most comprehensive India has ever concluded, is expected to boost UK GDP by £4.8 billion, increase bilateral trade by around £25.5 billion annually and raise real wages by £2.2 billion. Key sectors will benefit from this substantial tariff reduction, including exports of whisky, automotive products and cosmetics. I will write to the noble Lord on CBAM.

[Lord Foulkes of Cumnock (Lab Co-op)]

Can the Minister confirm that the Government are consulting on this, and therefore that some of the suggestions made in this House and in the other place can be taken into account by the Government and amendments made? Can he also tell us—despite the rather theatrical intervention from the Front Bench opposite—what would have been the state of the British steel industry if the Government opposite had continued?

[Lord Leong (Lab)]

I always agree with my noble friend. We have listened carefully to downstream steel users and designed these measures to balance manufacturers’ needs with the imperative to protect domestic steel production. Imports will continue to play an important role, and transitional arrangements will provide flexibility for some of the contracts that I have identified earlier. Delaying implementation would leave the UK exposed to damaging global overcapacity while our international partners act. We will continue to engage closely with the European Union as discussions progress.