Angela Eagle MP, Labour’s Shadow First Secretary of State and Shadow Secretary of State for Business, Innovation and Skills, speaking following the news that the Government would consider taking a 25 per cent stake in Tata Steel’s UK operations to support a sale, said:

“Whether you call this ‘co-investment’ or part-nationalisation, it is a long-overdue recognition of the need for Government support for the sale process. Labour and the steel unions have been calling for action for weeks; this appears to be a step forward.  

“But this alone will not be enough to save the steel industry. The Government must ensure Tata allow enough time for a suitable buyer to be found and they must reassure the customer base and supply chain. Crucially, they need to address the underlying challenges facing the industry; energy costs, business  rates, procurement, and most of all, the illegal dumping of Chinese steel. Labour has developed a four point plan to save the steel industry.

“Steel is a foundation industry which is vital for our manufacturing base and our economy. It has a bright future if the Government takes action now. We’ll continue to hold their feet to the fire and to stand up for our steel industry.”