British Steel: Nationalisation

Lord Tyrie Excerpts

Thursday 12th November 2026 Lords Chamber

[Baroness Lloyd of Effra (Lab)]

I am delighted to have the opportunity to talk about the business environment: today, despite the global headwinds that all countries face, we saw GDP figures in the UK that show a resilience that compares very well among peer countries. Just to emphasise, the UK has had the joint fastest-growing economy in the G7 in the first half of this year. That is the business environment that we are operating in. We are attracting further investment into energy supply: only yesterday, there was an additional £12 billion of investment into offshore wind to secure affordable, secure, clean energy for the UK. The Government are taking action in the UK steel strategy and outside to create the right business environment to attract private investment into steel.

[Lord Tyrie (Non-Afl)]

My Lords, the Government must have some estimate of the likely losses for British Steel over the next two years. Could the Government please commit to publishing their estimate of those numbers, which the Treasury will undoubtedly already have?

[Baroness Lloyd of Effra (Lab)]

We have undertaken to publish the key elements of the transformation plan once it is agreed, subject to elements which are commercially confidential. That will enable proper parliamentary scrutiny of the plan that has been devised by British Steel and agreed by the Government.