UK Steel Company Completes Nationalization, More Interventionist Policies Expected After Burnham Becomes Prime Minister

Golden Ten Data July 16｜British Steel has officially become a state-owned enterprise, a move that may signal that the soon-to-be Prime Minister Burnham of the UK will implement a more interventionist industrial policy. The UK government had effectively taken control of British Steel last year to prevent the shutdown of its two blast furnaces. However, it was not until May this year that legislation allowing full nationalization was passed. On Thursday morning local time, British Steel announced that the company is now officially a state-owned enterprise, stating, “This move is necessary to safeguard the UK’s national interests.” Burnham advocates bringing more sectors back into public ownership, which may include utilities and rail transport. The next possible candidate for nationalization is Thames Water, which provides water services to about 16 million users in London and surrounding areas.