Politics
British Steel nationalisation bill becomes law
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British Steel nationalisation bill becomes law
Parliament has passed legislation granting the government powers to nationalise Scunthorpe-based British Steel, with the King signing the bill into law on Wednesday.
- The House of Commons approved amendments to the Steel Industry (Nationalisation) Bill on Tuesday, and the King signed the bill into law on Wednesday.
- Energy minister Chris McDonald told the Commons the government was "acting decisively and with a purpose in the national interest."
- Shadow business secretary Andrew Griffith argued that "nationalisation is a bad idea" and blamed high energy prices set by Energy Secretary Ed Miliband.
- British Steel's owner, Chinese company Jingye, has begun seeking compensation for nationalisation, while the UK government said it could limit or refuse compensation.
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