Steel Industry (Nationalisation) Bill

Debate between Peter Kyle and Greg Smith

2nd reading
Thursday 21st May 2026 Commons Chamber

[Greg Smith (Mid Buckinghamshire) (Con)]

Given that no UK steel producers produce the specialist grades of steel used by precision engineers such as Gibbs Gears in Stoke Mandeville, in my constituency, which supplies components for the aerospace and defence sectors, what is in this Bill for them? All they can see are incoming tariffs on the steel that they necessarily have to import because nobody makes it here.

[Peter Kyle]

The hon. Gentleman will know that when I took the difficult decision to introduce measures, I did so for products that compete directly with the products that we are capable of making domestically. Speciality Steel UK is going through an administration process at the moment, but when that is complete and the company is up and running properly, I need to make sure that its products and services are protected and viable domestically. Given the world in which we are living, where national resilience is so important to our nation and the economy in a way that it simply has not been for decades, the decisions that I am making to ensure that British steel production is viable and sustainable are of paramount importance.

UK Steel Strategy

Debate between Peter Kyle and Greg Smith

Thursday 19th March 2026 Commons Chamber

[Peter Kyle]

My hon. Friend will know full well that when it comes to energy, we have announced the supercharger programme. Compensation is now being increased from 60% to 90%, offering relief and injecting competitiveness into the sector at the same time as offering protection. If we had done one without the other, we would, of course, just be pouring money down the drain. I can assure him that we are working with the National Grid and colleagues in the Department for Energy Security and Net Zero to make sure that we get the energy supply needed for the conversion to electric arc furnaces as quickly as possible.

[Greg Smith (Mid Buckinghamshire) (Con)]

Now that the Government have some experience of running a business with British Steel, what assessment has the Secretary of State made of the £37 million cost of the Employment Rights Act 2025 and the national insurance jobs tax increases on the viability of our steel industry?

[Peter Kyle]

I am grateful to the hon. Gentleman for giving himself the opportunity to score an own goal. When we came into office, we inherited a broken economy that was not delivering for working people. Our international relationships were on their knees, public services were stretched to breaking point and our economy simply was not generating income because of the circumstances that we inherited. We have acted to update workers’ rights for the moment we are living in, while getting a grip on the public finances that the previous Government left in utter chaos. Those are the fundamentals that we need moving forward to deal with all the global challenges that will come our way. If we had not got the finances on a stable footing, we would be in a much worse state now that we are facing the challenges that have come our way in recent times.