The bill on the nationalization of Great Britain is being prepared for final consideration in the House of Commons.
The bill on the nationalization of the UK steel industry has passed its third reading in the House of Lords and will now be sent to the House of Commons for consideration before it receives royal approval and enters into force, Kallanish notes.
According to Lord Hunt of Wirral, the amendments to the bill provide for a "more reliable" termination mechanism. Any extension of the basic devolution powers will be limited to two years and will require the positive approval of both Chambers. The Secretary of State will have to consider the possible costs before exercising the right to transfer shares or property. Relevant environmental, pension, health and safety obligations should also be adequately reflected in the independent assessment process.
"The House of Representatives has sent a clear message," Lord Leong said during a debate on the bill in the House of Lords on Monday. "The United Kingdom must be able to act when a strategic industry is under threat. We must protect steel opportunity, support workers and communities, and guarantee the critical supply chains on which our national sustainability depends."
Lord Hunt in the Wirral added: "Nationalisation may give the government extraordinary powers, but it is not an industrial strategy. This cannot replace a commercially viable business, competent, market-oriented management and, above all, sustainable private sector investments."
"The long-term future of British steel depends on whether the United Kingdom once again becomes an attractive and affordable place to invest, produce and hire people," he continued.
"Ministers should consider the issue of our internationally uncompetitive industrial electricity prices. They should examine the combined burden of the emissions trading system and the mechanism for adjusting carbon emissions limits. They must take into account the costs associated with their employment policies, as well as the ever-increasing burden of regulation, re-oversight, and compliance," he concluded.
Earlier this week, Chinese steel producer Jingye Group renewed its demand for compensation from the UK government for its interference in British Steel's operations last year.
Author: Adam Smith, Austria
Kallanish.com