Oral Answers to Questions

Nick Smith Excerpts

Tuesday 25th May 2021 Commons Chamber

[Anne-Marie Trevelyan]

My hon. Friend’s passion for, and commitment to, this subject since he arrived in the House have been unstinting. I have been more than impressed by his determination to ensure that we do not, at any turn, miss the opportunity to raise it; he has been particularly determined to ensure that we look at the role of critical materials in renewables. They will continue to be an important part of how we are able to develop our renewables capacity. I hope that he is reassured that we continue to work across Departments to maximise those outcomes.

[Nick Smith (Blaenau Gwent) (Lab)]

What steps he is taking to support the steel industry.

[Jessica Morden (Newport East) (Lab)]

What steps he is taking to support the UK steel sector.

[The Secretary of State for Business, Energy and Industrial Strategy (Kwasi Kwarteng)]

The Government are committed to a UK steel industry. I mentioned this repeatedly in my session with the Business, Energy and Industrial Strategy Committee this morning.

[Nick Smith]

Sanjeev Gupta promised that none of our steel plants would close on his watch, but after the Serious Fraud Office descended on his empire, the workforce became afraid for their future. The Liberty Steel plant in Tredegar puts food on the table and pays the mortgages of my constituents, and across the country 5,000 families rely on the company. We now need the Government to ensure that these plants remain open, and, crucially, to provide the finance to bridge any transition period should a new buyer or stake purchase be necessary—and, of course, to work with the trade unions to test the commitment of any new buyers. If promises are broken, will the Secretary of State step in with the finance to support our steel communities?

[Kwasi Kwarteng]

The hon. Gentleman will remember that Mr Gupta asked me and the Department for £170 million. Many Labour Members—dare I say it?—were hollering and screaming and saying we should nationalise. In fact, I would say that my actions and those of officials have been vindicated. There were serious concerns about corporate governance with this company, and Labour Members would do well to understand how to manage public finances with care. Having said all that, I am monitoring the situation closely and I remain strategically committed to the steel industry and this sector.