Steel Industry (Nationalisation) Bill
I want to ask the Secretary of State about the breadth of the Bill. Clause 1 makes it clear that a “steel undertaking” includes those businesses that have the “manufacture or processing” of iron or steel as part of their operations. Is there any lower threshold to that? Is a business that has only 1% of its operations in iron or steel liable to nationalisation under the Bill? Under clause 2, the Secretary of State is entitled to determine the public interest and can nationalise if it would support “the economy of the United Kingdom or any part of the United Kingdom.” I have the same question: is there any lower threshold? Would the interests of one town where a steel facility is located be sufficient to justify the nationalisation of an entire company?