Steel Nationalisation Exposed: The £500,000 Per Job SCANDAL | Matthew Lesh TalkTV

Public policy expert Matthew Lesh from the Institute of Economic Affairs weighs in on the controversial proposal to nationalise British Steel. With a recent poll showing 54% of the public supporting nationalisation and only 14% opposed, Lesh offers a sobering historical perspective, reminding viewers of previous failed attempts at government steel ownership in 1949 and 1967 that led to mismanagement, political interference, and significant taxpayer costs.

Despite the seemingly straightforward nature of steel production, Lesh highlights the complex challenges facing the UK steel industry: prohibitively high industrial energy costs, restrictive planning systems that hinder modernisation, and expensive net-zero policies adding further financial burden. He questions whether the £500 million recently spent by the government to support the Port Talbot steelworks—at approximately £500,000 per job—represents good value for taxpayers already facing the highest tax rates since World War II.

As the Labour government contemplates its next move in this "curious game of steel chess," Lesh suggests they should seek a quick exit strategy rather than commit to potentially billions in modernisation costs for hydrogen-based furnaces. He emphasises that steel security isn't necessarily about domestic production but about diverse supply chains, noting that the UK currently imports steel from Germany, Spain, Netherlands, and Belgium, with China representing only a small portion of imports. The fundamental question remains: can the UK secure reliable steel supplies for both civilian and military purposes without burdening taxpayers?