Today, I urged the Prime Minister Boris Johnson to take immediate action to support the steel industry through the energy price crisis.
Steel is a national strategic asset, a foundation industry and the beating heart of Port Talbot. It is also a vital part of the green economy needed for electric cars and wind turbines. The British steel industry needs investment to support innovation and the exploration of technologies to decarbonise. We need to invest now to save money in the long-term. This is essential to create green jobs, build a more resilient economy, and ensure Britain can stand on its own two feet. This was recognised in the Department for Business, Energy and Industrial Strategy’s (BEIS) 05 November report on the steel industry’s future which called on Ministers to establish a new Steel Sector Deal that brings forward investment decisions on decarbonisation and finally deals with long-standing issues which make UK steel uncompetitive.
The UK government is completely failing to stand up for the British steel industry with no help offered by the prime minister or the chancellor in the Budget. At PMQs, I highlighted how the bickering between UK Government departments prevents us from tackling climate change and protecting the steel industry. Sky-high electricity prices are holding us back and making UK steel uncompetitive. Therefore, we need a wholesale energy price cap for the sector.
The Labour party have pledged a £3 billion Steel Renewal Fund/ Green transition fund to make British Steel carbon neutral as part of a just transition that protects British jobs. Our £3 billion steel renewal fund will change the game completely. It will ensure a just transition to cleaner, greener production methods by sustaining and creating highly skilled steel jobs and strengthening proud steel communities like Aberavon.