Business Secretary Jonathan Reynolds says nationalisation is "likely" next step as Parliament rushes law through.

The UK government is taking control of Chinese-owned British Steel after emergency legislation was rushed through Parliament in a single day.

Business Secretary Jonathan Reynolds told MPs the government’s likely next step would be to nationalise the Scunthorpe plant, which employs 2,700 people.

But he said he was forced to seek emergency powers to prevent owners Jingye shutting down its two blast furnaces, which would have ended primary steel production in the UK.

  • Pipster@lemmy.blahaj.zoneEnglish
    6·
    6 days ago

    I think you are thinking of network rail who owns the infrastructure. GBR came about in 2021 when none of the operating companies were getting any money and so the government basically ran it for them. Basically it is de-facto back in public hands and GBR will take over once each operating company’s contract is up (I think SWR is first). At least that is my understanding of it.

    Also the rolling stock wasnt typically owned by the operating companies, they would lease them from the ones who did like Angel trains and Porterbrook.