Martin has welcomed the temporary protection of jobs through the nationalisation of British Steel, but warned that the industry cannot attract essential private investment until high energy costs are tackled.
Speaking in the House of Commons, Martin supported the short-term rescue of the steelworks but stressed that nationalisation is only a temporary fix. He urged the Government to acknowledge that permanent stability and private co-investment depend entirely on fixing the uncompetitive energy prices that continue to face the sector.
Commenting on the statement, Martin said, "Thank you, Mr Speaker, for your earlier comment. It is surprising that the Secretary of State is not here to make a statement before he visits Scunthorpe, which I understand he is doing today. Like the Father of House, I have no objections to - and have supported the Government on - saving the steelworks by nationalisation, but it can only be a short to medium-term solution. The challenges - most notably, energy costs - remain. If, as the steel Minister has previously said to me, the Government are looking to attract private investment into the industry, will he acknowledge that energy costs must be dealt with before that investment will follow?"
