MPs and Lords head to parliament as PM says emergency law must be passed today to save British Steel – live
MPs to debate emergency law that will give the business secretary the power to direct the companyWhen the legislation is passed, Reynolds will be able to order the company to buy the raw materials to keep two blast furnaces going at the plant and the taxpayer will take on the costs of the purchases. The company’s owner, Jingye, has said it is losing about £700,000 a day.The issue of nationalisation will be dealt with separately and is not certain to happen, but senior sources said it was the likely outcome and the government would look at potential private sector partners for a transfer of ownership and co-investment. Continue reading...
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MPs to debate emergency law that will give the business secretary the power to direct the company
When the legislation is passed, Reynolds will be able to order the company to buy the raw materials to keep two blast furnaces going at the plant and the taxpayer will take on the costs of the purchases. The company’s owner, Jingye, has said it is losing about £700,000 a day.
The issue of nationalisation will be dealt with separately and is not certain to happen, but senior sources said it was the likely outcome and the government would look at potential private sector partners for a transfer of ownership and co-investment. Continue reading...
