In her Spending Review speech today, the UK Chancellor of the Exchequer stated that economic security depends on our ability to buy, make and sell more steel in the UK. “This government will invest in the future of our nation's steelworks,” Chancellor Reeves added.
Her comments echo UK Steel's long-standing calls for increased domestic steel use to support British industry, supply chains and jobs. Today's announcement by Reeves and the government was seen as a clear and strong endorsement of British steel.
Referring to Heathrow Airport's third runway project in her speech, Reeves stated: "As a demonstration of our confidence in domestic steel, this project will use steel made in the UK. This is not just an infrastructure project, but a vote of confidence for our steel industry."
Reeves stated that strategic infrastructure such as train and tram lines, military equipment and power plants will be built with British steel, and that this approach will bring new orders to domestic producers.
It is emphasized that supporting steel produced in the UK is a critical step in terms of national security, flexible supply chains and localization of strategic materials. In this context, the government aims to increase the country's sovereign steel production capability.
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