British Steel losing £1.3m a day and there is no 'credible' survival plan yet, MPs warn
MPs say British Steel still needs a credible strategy as costs reach £1.3 million a day and spending hits £555 million.
- In April last year, The Government stepped in to prevent the closure of Scunthorpe blast furnaces, aiming to save thousands of jobs in the sector.
- Spending on British Steel reached £555m by June this year, with daily operational costs running at £1.3m and raising "further questions" about financial sustainability.
- Sheffield South East MP Clive Betts, deputy chair of the Public Accounts Committee, questioned long-term profitability, stating: "Whether we can get it to profitability is another matter- if that means we need an ongoing subsidy we need to see."
- Alasdair McDiarmid, general secretary for Community Assistant, demanded a "full seat at the table" to help with planning, emphasizing that a resilient steel industry is essential for a greener, fairer economy.
- A new Board and Chair were appointed this month to oversee operations, accompanying The Government's Steel Strategy aimed at securing a sustainable, competitive sector in the national interest.
13 Articles
13 Articles
Taxpayers Bleeding £1.3 Million a Day on British Steel With No Way Out
At the end of last week, the Public Accounts Committee published a damning verdict on Labour’s British Steel adventure, and it makes for grim reading for anyone who assumed ministers had a credible plan for the steel manufacturer. The report found the government is currently burning through taxpayer money at the Scunthorpe site at a…
Sky News UK
Great Yorkshire RadioBritish Steel losing £1.3m a day - and there is no 'credible' survival plan yet, MPs warn
British Steel costs £1.3m of taxpayers' money a day to support, after the government intervened to save the blast furnace from closure in April 2025.
British Steel losing £1.3m a day – and there is no ‘credible’ survival plan, MPs warn
The government must publish a “credible” plan for the future of British Steel, MPs have warned. المصدر: skynews business The post British Steel losing £1.3m a day – and there is no ‘credible’ survival plan, MPs warn appeared first on khbrknews.
Labour told British Steel needs proper rescue plan after £600million spent on Scunthorpe plants
Labour must come up with a plan for British Steel’s future “beyond simply propping up the company with public money”, MPs have warned. The Scunthorpe plant had already cost more than £600million of public funds before it was nationalised in July, the Public Accounts Committee (PAC) said. It is still costing £1.3million a day to run “without a clear end date in sight”, leaving taxpayers “exposed to significant and growing costs and uncertainty”, …
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