British Steel: Nationalisation
(asked on 16th July 2026) - View Source
Question to the Department for Business, Innovation, Science and Trade:
To ask His Majesty's Government how much additional debt, if any, the UK has acquired through the nationalisation of British Steel.
Answered by
Lord Leong
Parliamentary Under-Secretary of State (Department for Business, Innovation, Science and Trade)
The transfer brought certain property, rights and liabilities into a company wholly owned by the Secretary of State, subject to specified exclusions, and these are listed in Schedule 1 to the British Steel Limited Property Transfer Regulations 2026 (S.I. 2026/832).
The financial position of the company wholly owned by the Secretary of State--renamed by the transfer regulations as British Steel Ltd.--following nationalisation will be disclosed in accordance with relevant accounting standards, and through the 2026-27 Annual Report and Accounts process.