Peter Kyle

I am grateful for the right hon. and learned Gentleman’s intervention. I knew when I was bringing these powers in and working through the legislation that they would be an important part of the Bill and rightly the subject of scrutiny. There will be significant time in Committee of the whole House for Members to scrutinise the legislation. We are modelling this Bill on the Banking Act 2009, which has worked effectively. In that circumstance, the powers were used during the financial crisis in extremis, and those powers, on which we are modelling this Bill, have not been used irresponsibly since. I have been clear about my expected use of these powers, and the bar set in the legislation meets my expectations, including limiting my ability to use these powers in ways that would cause concern for Members. For too long, the steel sector in this country has been left to fend for itself, abandoned by Government, demoralised, starved of resources and the victim of international market distortions. Crude steel production has declined by more than 50% in the past decade. Capabilities have been reduced, and communities have been let down. Previous Governments have been too reactive and not proactive. This Government will not repeat the errors of the past. We are building the future for British Steel. While the industry faces challenges today, we will do everything we can to help it modernise and grow. This legislation allows us to apply that policy to this industry. We recognise that securing the long-term future of the UK steel sector relies on public and private investment for modernisation, so that the UK can become a global leader in clean green steel, electric arc furnaces and decarbonised steel production. We recognise that blast furnace production will need to continue in the immediate future and that a managed transition is vital to maintaining supply. We need this legislation to raise resilience, to protect businesses up and down the country that depend on Britain’s steel, to defend the workforce at British Steel and to safeguard the communities built on British steel. The significance of steel is not simply a matter of history; it is a matter of our national future. In an uncertain world, the ability to make steel remains a strategic national asset. Steel is essential for our transport networks, our energy security, our housing and our transition to a greener economy. That is why supporting the British steel industry is about more than protecting jobs, important though they are. Supporting British Steel—