China hits out at British Steel nationalisation
Summary
The UK government has taken control of British Steel to protect jobs and a key industry, a move China opposes as it owns the company through Jingye Group. China says this nationalisation breaks investment rules and harms Chinese companies' confidence in the UK.Key Facts
- The UK government nationalised British Steel to protect jobs and an important national industry.
- British Steel's plant in Scunthorpe was previously under control of China's Jingye Group.
- China’s commerce ministry criticized the move, saying it violates the China-UK Bilateral Investment Treaty.
- Jingye Group contributed to the UK economy but lost control when the UK government stepped in.
- The nationalisation may affect UK-China relations as a new UK prime minister takes office.
- British Steel was losing about £700,000 a day before nationalisation.
- The UK government is currently spending over £1 million a day to run the steelworks.
- The government can now decide British Steel’s future without Jingye’s input but may not keep it long-term.
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