Lord Newby
Main Page: Lord Newby (Liberal Democrat - Life peer)Department Debates - View all Lord Newby's debates with the Department for Business and Trade
(1 day, 12 hours ago)
Lords ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
Lord Stockwood (Lab)
On the consultation with the industry, the industry clearly states that arc furnaces are the future. They have a lower cost of production and lower overheads in terms of manpower. I cannot give an exact number on steel production. We are trying to make sure that we have the right amount of trade barriers in place to protect our own industry while allowing business to be competitive and import the steel that they require. That balance will be critical, but we will remain in consultation with the industry and review that if it does not satisfactorily prop up the industry and make it fit for the future.
Lord Newby (LD)
My Lords, I return to energy prices, which are obviously one of the main constraints for the growth of the British steel industry. Earlier in the week, the Government announced that they are breaking the link between gas and electricity prices, with a view to reducing electricity prices. To what extent does this new measure impact the steel industry in a positive sense? To the extent that it will, how quickly does the noble Lord expect the measure to take effect?