British Steel disaster highlights UK threat of international possession | Politics | News | EUROtoday

‘We meet beneath distinctive circumstances, to take distinctive motion, in what are distinctive occasions.’

It’s not fairly Churchill, however the Business Secretary, Jonathan Reynolds, did his greatest to convey the gravity of the state of affairs when Parliament was recalled on the weekend to try to save British Steel from potential neglect and even sabotage by its Chinese house owners.

After practically 10 months of price range reducing and grim financial forecasts, MPs seemed genuinely excited to be taking decisive motion on a difficulty that almost all of the nation is backing. Perhaps truly taking again management feels good?

The ink is barely dry on a particular measures invoice to briefly take management of the Scunthorpe metal plant, however persons are already asking how a lot of our infrastructure is owned by China or certainly different international pursuits.

The brief reply is rather a lot. Chinese firms, who’re legally obliged to align with the nationwide Communist Party’s directives, have stakes in our water, energy and transport infrastructure. Huawei’s tried involvement in UK telecoms grew to become a flashpoint, sparking fears of knowledge breaches and surveillance.

But let’s depart the potential espionage and geopolitical energy strikes to at least one facet for now. It is not sensible at hand over profit-making, typically monopolistic, strategic industries to anybody exterior the UK democratic course of – be that the Chinese state or a Cayman Islands hedge fund.

Since Thatcher’s nice sell-off within the eighties, massive components of our public companies have been taken over by international pursuits. This month will see the total takeover of Royal Mail by Czech billionaire Daniel Křetínský. At the identical time the vulture capitalists from Hong Kong and America are circling the ailing Thames Water because it frantically searches for brand new house owners to tackle its £19 billion debt mountain.

If taking again management of metal can get MPs into work on a Saturday, why not mail, rail, vitality and water? Over two thirds of us again public possession of those key public companies. Government has confirmed it might act decisively if it must. It’s time to place these industries in service of the British public.