Peter Kyle

I will make some progress. To that end, we began negotiations in good faith with Jingye, the owner of British Steel, to see if a commercial sale was viable, but that did not prove to be possible. We could not agree terms that would have safeguarded simultaneously the integrity of the business and the interests of the taxpayer. That is why the Prime Minister announced the Government’s intention to bring British Steel into public ownership, subject to the public interest test being met at the time of that decision. That is why we need to pass the Steel Industry (Nationalisation) Bill now, to give us the power to make that possible. Let me be clear to the House. In answer to the question from the right hon. and learned Member for Kenilworth and Southam (Sir Jeremy Wright), the powers given to the Government by the legislation cannot be exercised without due caution and proper care. These powers are bold, but they are not boundless. They can be used only where there is a clear public interest and where they will be needed to safeguard British steelmaking capability. The Bill does not nationalise British Steel in and of itself, but it grants the Government powers to do so if considered necessary. That is the scope of the legislation we are debating today.