Lord Sikka
Main Page: Lord Sikka (Labour - Life peer)Department Debates - View all Lord Sikka's debates with the Department for Business and Trade
(6 months, 3 weeks ago)
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The Earl of Minto (Con)
I thank my noble friend for that question. We generate just over £11 million-worth of ferrous scrap each year, of which about £8 million-worth is exported.
Lord Sikka (Lab)
My Lords, I hope that the Minister can clarify a policy issue here. The Government are handing billions of pounds to steel, railway, broadband, car makers and others. Why do they not take an equity stake in those businesses? That way, the businesses still get the money and the public has some kind of asset. Should the business then make a recovery, there would be a return.
The Earl of Minto (Con)
My Lords, that sounds to me rather like the thin end of the wedge. Any return to some form of nationalisation is not appropriate. We operate in a global market now, in all sorts of categories. We must allow the commercial viability of each individual market.