It could be backing the hottest start-ups in Artificial Intelligence. It could be nurturing space businesses, or flying taxis, or at least something with a functioning website. If the British government wants to put money into industry, there are lots of different options it could choose. But no. It turns out that it will back steel manufacturing with taxpayer’s millions. The trouble is, it will just be throwing money away – and a failing British Steel is the last thing it should be buying.
If nationalisation was the answer, then British Steel would be one of the biggest companies in the world. The Wilson government nationalised the industry way back in 1967, Mrs Thatcher privatised it in 1988, it was briefly nationalised again in 2020, privatised again when it was sold to Chinese owners, and now it may be nationalised all over again.
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