Source · Select Committees · Public Accounts Committee
Recommendation 13
13
The NAO reported that while the Department has started to consider options for the longer-term...
Conclusion
The NAO reported that while the Department has started to consider options for the longer-term future of British Steel, there is no timetable set for returning the company to the private sector.35 The Department said the process would take some time, and that it was prepared to spend a similar amount on funding British Steel in 2026–27 as it had in 2025–26.36 The Department said it considered five options before concluding that no deal could be reached with the owner and proceeding with the intervention.37 The Steel Industry (Nationalisation) Act, which was passed in July 2026, enabled the Government to nationalise the steel works, and appoint a Board to assess the company’s preparedness for transition.38