Economy

UK Parliament Acts Swiftly to Safeguard British Steel with Emergency Legislation

Emergency Law Passed to Protect British Steel

The United Kingdom's parliament has taken decisive action by approving an emergency law aimed at protecting British Steel. This significant move came after the legislation swiftly passed through both the House of Commons and the House of Lords.

Key Measures to Save the Steel Industry

The Steel Industry (Special Measures) Act empowers the government to intervene in the operations of British Steel's plant in Scunthorpe, which was facing closure by its current parent company, Jingye Group. Additionally, the act introduces a series of measures designed to bolster the country's steel industry at large, including directives on material orders and ensuring workers' wages are paid.

Parliament's Unprecedented Move

In an unprecedented step, the houses of parliament interrupted their Easter recess to debate and pass this crucial legislation, underscoring the urgency and importance of the matter to the UK's industrial future.