Port Talbot Transition Project

Luke Myer Excerpts

Wednesday 11th September 2024 Commons Chamber

[Jonathan Reynolds]

I am afraid that the hon. Member is misinformed as to what this is about. The issue is that these sites lose approximately £1 million a day. They have done so for a long time, and the owners are fed up and want to know that there will be a plan for the future. The role of the Government is to make that future better than it would otherwise be were we not on the pitch delivering it. There are issues around the competitive cost of industrial electricity in the UK, but they are not the issues that he says.

On the guarantee that he seeks, he will have heard my statement. The contractual terms of the grant funding arrangement include that clawback capacity, not just for the overall project but even down to the number of jobs retained. Those are the kind of job guarantees that I want in the public-private relationship going forward.

[Luke Myer (Middlesbrough South and East Cleveland) (Lab)]

I welcome my right hon. Friend’s commitment to introducing a new steel strategy. Steel is not a sunset industry; it is critical for our economy and national security. I know that he is a friend of Teesside. Will he give us some clarity on the status of discussions around investment in steel in Teesside at the moment?

[Jonathan Reynolds]

My hon. Friend is right to make that point. We cannot say enough that this is not a sunset industry; it should have a bright future. We can get this right. On the negotiations, my hon. Friend will know what I have already said about the conversations with British Steel. It is a very challenging issue. We have made it clear that the Government are there to play a part, and we obviously want that to be part of a transition. We have made that as clear as can be. As soon as I have further information, I will update the House.