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CBI yesterday responded to British Steel being taken into public ownership.

Louise Hellem, CBI Chief Economist, yesterday said: 

“There is recognition that the government's decision to take control of British Steel is a necessary outcome of last resort needed to preserve domestic steelmaking capability and shield vital production from ongoing global volatility. 

“With economic growth now hugely dependent on delivering critical infrastructure projects, ramping up housebuilding, upgrading our energy supply and supporting the defence sector, it’s vital that any new measures do not restrict the supply of steel needed to press ahead with these priorities. 

“But interventions of this nature are not without cost – both through upfront compensation and future investment. Meaningful action to address the high business and energy costs that are holding our economy back is essential to ensure the move delivers the best possible value for money for taxpayers.”