Ministers have ‘no credible plan’ for reviving British Steel despite losses to the taxpayer topping £500 million, MPs have warned.
In a damning report, the Commons public accounts committee said the government was ‘unable to articulate’ a business plan for the troubled firm, which was nationalised more than a year ago.
The cross-party committee said the firm is losing £1.3 million a day, with more than £500 million of taxpayers’ money lost since the firm was taken into public ownership.
Labour MP Clive Betts, deputy chairman of the committee, said the ‘startling levels of funding’ were not sustainable, given the need to support
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