Labour is considering plans to renationalise British Steel amid a growing row with Chinese owners over dwindling UK investment.
Margaret Thatcher’s administration had privatised the firm back in 1988 – but this could all be about to change.
As Sir Keir Starmer’s team begins taking various industries back into the Government’s hands, taking either a part or the whole of the company into state ownership is understood to be on the table, The Telegraph reports.
A Whitehall source described by the newspaper as familiar with plans confirmed that nationalisation was an option being considered – but said other outcomes were preferred.
The source said: “It is one of several options being looked at. We would have been negligent not to look at it.
“But it is the least attractive option. We would be talking substantial sums of money to buy not very much.”
Shadow Energy Secretary Claire Coutinho reacted with fury to the news, saying: “Labour can’t expect the British taxpayer to pick up the bill for every industry they make uncompetitive.”
A Department for Business and Trade spokesman declined to rule out renationalisation – but said the Government has no “plans” to follow through with the move.
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