On Tuesday, the Business Select Committee began its inquiry into “Liberty Steel and the future of the UK Steel Industry”.
Liberty Steel is part of the Gupta Family Group (GFG), a global business empire that has been in the news because of the failure of Greensill Capital, which had supplied much of the financing to the Group. There are important questions about GFG and the Serious Fraud Office has launched an investigation into suspected fraud, fraudulent trading and money laundering.
Richard Fuller, MP for North East Bedfordshire and member of the Business Select Committee said:
Taxpayers in the UK and overseas have provided millions of pounds in financial support to GFG which I raised at today’s meeting.
Unlike many other politicos, the Business Secretary, Kwasi Kwarteng is standing firm and not doling out taxpayers’ cash until all his questions have been answered. He is right to do so.
The session also highlighted the persistent structural issues in the steel industry. There was a fairly common view from the experts taking part (the Steel trade body, to Community the steel industry union and the Green Alliance) that a drive toward net zero “green” steel could provide a long term solution. I am sceptical and want to know how much it might cost the taxpayer, but it was encouraging to hear such clarity on a way forward – and strong support for the Business Secretary.
The full select committee session can be watched here. Part of Richard's questioning of the Business Secretary can be viewed here.
