British Steel plan lacks credibility, MPs say
A committee report says the government has not set out how British Steel will become profitable.
A report by the Public Accounts Committee (PAC) said the Department for Business, Innovation, Science and Trade (DBIST) had not set out how British Steel, which runs its main plant in Scunthorpe and has operations in Teeside, would become profitable.
A spokesperson for DBIST said it welcomed the report and would review the recommendations, adding securing the long-term future of the UK steel sector "was in the national interest".
A 26-page report, external, published on Friday, said the government was unable to provide clear estimates of how much the overall nationalisation could cost.
The report said: "Without a credible long-term plan, uncertainty and costs for workers, industry and taxpayers will continue to increase."