‘All options’ on table regarding British Steel’s future, says Rachel Reeves
“All options” remain on the table over the future of British Steel, the chancellor has said, as fears mount over the company’s plant in Scunthorpe.
The government is actively considering nationalising British Steel after Jingye, its owner in Scunthorpe, cancelled future orders for the iron ore, coal and other raw materials needed to keep the furnaces running.
The decision has led to fears the Scunthorpe plant, the last blast furnaces left operating in Britain, could be forced to close as early as next month.
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Speaking to reporters in Bedfordshire, Rachel Reeves suggested nationalisation could be an option to secure the future of British Steel in Scunthorpe, which was purchased by Jingye out of receivership in 2020.
“All options remain on the table regarding British Steel,” she said.
“This government recognises the importance of those jobs in Scunthorpe and in the local area, and we’re doing everything we can to preserve those jobs and to support those communities.
“We’re in conversation both with the owners and with the trade unions to find a deal.”
On the issue of whether the plant could secure access to the raw materials it needed to run the blast furnaces, the chancellor said the government was in “active discussions now with both the owners and the trade unions”.
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PM ‘absolutely committed to steel production’
Fears over the Scunthorpe plant’s future intensified after talks between the government and Jingye broke down last week after the Chinese company rejected a £500m offer of public money to replace the existing furnaces with electric arc furnaces.
The government offered the same amount to Tata Steel, the owner of the steelworks in Port Talbot, which shut down both of its blast furnaces last year and is replacing them with electric arc furnace as part of its transition to greener production methods.
Conservative leader Kemi Badenoch has urged the government to push for a “commercial solution” to save the Scunthorpe plant, to avoid “pain on the British taxpayer”.
She drew comparisons with the Port Talbot steel plant, arguing that she saved it with a £500m rescue package that helped Tata Steel employees facing redundancy as it moved away from blast furnaces to greener steel production.
“It was difficult, but we saved that steel plant,” she said.
“And it’s going to thrive, and it’s going to regenerate the area. Yes, some jobs were lost, but worked for a commercial decision that did not put too much pain on the British taxpayer.”
She said she was “amazed that nine months in, Labour have lost British Steel”.
“And now they’re talking about nationalisation – I want to see what the commercial options are,” she continued.
“They should also be trying to make sure that they reduce tariffs on steel across the board and stop the excessive dumping from China.
“China dumping steel across the world is making steel very cheap from there and more expensive for everyone else. That needs to change. If we’re going to be using steel in our country, we need to be competitive.”
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The questions over the steel plant in Scunthorpe come as ministers hailed a deal for a new Universal theme park in Bedfordshire, which Ms Reeves said would bring “billions” to the economy and create thousands of jobs.
It will be the first Universal-branded theme park and resort in Europe and is set to open in 2031, when it is expected to become the UK’s most popular visitor attraction.
Reform UK leader Nigel Farage welcomed the investment but said: “The new Universal theme park should be made with only British steel.”
Politics
UK-US trade deal ‘isn’t worth the paper it’s written on’, says Nobel Prize-winning economist
A Nobel Prize-winning economist has told Sky News the recently announced UK-US trade deal “isn’t worth the paper it’s written on”.
Sir Keir Starmer and Donald Trump announced the “first-of-a-kind” agreement with a live, televised phone call earlier this week – and the British prime minister hailed the deal as one that will save thousands of jobs in the UK.
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But leading economist Joseph Stiglitz has told Sunday Morning with Trevor Phillips he “wouldn’t view [the deal] as a great achievement”.
“Any agreement with Trump isn’t worth the paper it’s written on,” he said, pointing out the president signed deals with Canada and Mexico during his first term – only to slap them with hiked tariffs within days of returning to the White House this year.
“I would view it as playing into Trump’s strategy,” he said.
“His strategy is divide and conquer, go after the weakest countries, and sort of put the stronger countries in the back.”
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The scramble to secure a UK-US trade deal was sparked by Mr Trump’s ‘Liberation Day’ announcement last month, which saw the president hike import tariffs for multiple countries and subsequently send global markets crashing.
China initially faced tariffs of 34% and when Beijing hit the US with retaliatory rates, a trade war quickly ensued.
The US and China now impose tariffs of above 100% on each other, but representatives from the two countries have this weekend met for high-stakes negotiations.
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Donald Trump, with US vice president JD Vance and Britain’s ambassador to the US Peter Mandelson, announcing the deal. Pic: AP
Sir Keir Starmer dialled in for the deal announcement. Pic: AP
With its response to Mr Trump, Beijing “made it very clear that the US is very dependent on China in so many ways,” Mr Stiglitz said.
“So they’re beginning now to negotiate, but from a position of strength.”
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Asked if he thinks the UK should have focused on its relationship with the EU instead of the US, Mr Stiglitz said: “Very much so.
“My view is that if you had worked with the EU to get a good deal, you could have done better than what you’ve done.
“If it turns out, in the end, when you work it all out, Trump is unhappy, he’ll run. If he’s unhappy, I pray for you.”
Among the terms in the UK-US trade deal are reduced tariffs on British car and steel exports to the US, while the UK has agreed to remove a tariff on ethanol, used to produce beer.
The agreement also opens a new agricultural exchange, with US farmers being given access to the UK for the first time – though UK food standards on imports have not been weakened.
UFC fighter turned Irish political candidate Conor McGregor has endorsed the idea of building a Bitcoin reserve in his country to give more “power back to the people.”
“Crypto in it’s origin was founded to give power back to the people. An Irish Bitcoin strategic reserve will give power to the people’s money,” McGregor wrote to X on May 9.
The former UFC champion said he would discuss his plans in more detail in an upcoming X spaces, prompting responses from some of the Bitcoin industry’s most prominent leaders.
“We need the greatest minds for this BTC Reserve. Message me and lets chat on my space,” McGregor said in response to Bitcoiner and host of The Pomp Podcast, Anthony Pompliano.
One of US President Donald Trump’s crypto advisors, David Bailey, also reached out, to which McGregor responded: “David message me, let’s discuss your ideas!”
McGregor announced his independent candidacy for the Irish presidency in late March 2025, centering his campaign on anti-immigration policies and combating crime.
Ireland’s next presidential election must take place by Nov. 11, 2025, as the term of the current President, Michael D. Higgins, is set to end the day after.
Establishing a Bitcoin reserve — let alone one coming from a minor, independent party — would be no easy feat.
Despite recent regulatory progress, the US, El Salvador and Bhutan are among the few countries that have established a Bitcoin reserve to date.
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McGregor’s political visibility was recently boosted by a trip to the White House, where he met Trump and received his support.
However, McGregor is facing intense scrutiny in Ireland, having recently been found guilty of sexual assault in a civil case — a conviction which he has since appealed — while also previously being investigated for hate speech crimes.
McGregor’s last crypto endeavor failed
McGregor’s push for a Bitcoin reserve comes a little over a month after the McGregor-backed REAL project failed to attract sufficient funding in its token launch pre-sale, prompting a full refund to all token bidders.
The team behind the project, Real World Gaming, only raised $392,315 over a 28-hour presale on April 5 and 6, less than half of the $1 million minimum requirement that it initially set.
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Sir Keir Starmer has joined other European leaders in Kyiv to press Russia to agree an unconditional 30-day ceasefire.
The prime minister is attending the summit alongside French President Emmanuel Macron, recently-elected German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk.
It is the first time the leaders of the four countries have travelled to Ukraine at the same time – arriving in the capital by train – with their meeting hosted by President Volodymyr Zelenskyy.
Sir Keir Starmer, Emmanuel Macron and Friedrich Merz travelling in the saloon car of a special train to Kyiv. Pic: Reuters
Leaders arrive in Kyiv by train. Pic: PA
It comes after Donald Trump called for “ideally” a 30-day ceasefire between Kyiv and Moscow, and warned that if any pause in the fighting is not respected “the US and its partners will impose further sanctions”.
Security and defence analyst Michael Clarke told Sky News presenter Samantha Washington the European leaders are “rowing in behind” the US president, who referred to his “European allies” for the first time in this context in a post on his Truth Social platform.
“So this meeting is all about heaping pressure on the Russians to go along with the American proposal,” he said.
“It’s the closest the Europeans and the US have been for about three months on this issue.”
Sir Keir Starmer, Volodymyr Zelenskyy and Emmanuel Macron among world leaders in Kyiv. Pic: AP
Trump calls for ceasefire. Pic: Truth Social
Ukraine’s foreign minister Andrii Sybiha said Ukraine and its allies are ready for a “full, unconditional ceasefire” for at least 30 days starting on Monday.
Ahead of the meeting on Saturday, Sir Keir, Mr Macron, Mr Tusk and Mr Merz released a joint statement.
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The hope is Russia’s unilateral ceasefire, such as it’s worth, can be extended for a month to give peace a chance.
But ahead of the meeting, Ukrainian sources told Sky News they are still waiting for President Donald Trump to put his full weight behind the idea.
The US leader has said a 30-day ceasefire would be ideal, but has shown no willingness yet for putting pressure on Russian president Vladimir Putin to agree.
The Russians say a ceasefire can only come after a peace deal can be reached.
European allies are still putting their hopes in a negotiated end to the war despite Moscow’s intransigence and President Trump’s apparent one-sided approach favouring Russia.
Ukrainians would prefer to be given enough economic and military support to secure victory.
But in over three years, despite its massive economic superiority to Russia and its access to more advanced military technology, Europe has not found the political will to give Kyiv the means to win.
Until they do, Vladimir Putin may decide it is still worth pursuing this war despite its massive cost in men and materiel on both sides.
“We reiterate our backing for President Trump’s calls for a peace deal and call on Russia to stop obstructing efforts to secure an enduring peace,” they said.
“Alongside the US, we call on Russia to agree a full and unconditional 30-day ceasefire to create the space for talks on a just and lasting peace.”
Sir Keir and Volodymyr Zelenskyy during a meeting in March. Pic: AP
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The leaders said they were “ready to support peace talks as soon as possible”.
But they warned that they would continue to “ratchet up pressure on Russia’s war machine” until Moscow agrees to a lasting ceasefire.
“We are clear the bloodshed must end, Russia must stop its illegal invasion, and Ukraine must be able to prosper as a safe, secure and sovereign nation within its internationally recognised borders for generations to come,” their statement added.
“We will continue to increase our support for Ukraine.”
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The European leaders are set to visit the Maidan, a central square in Ukraine’s capital where flags represent those who died in the war.
They are also expected to host a virtual meeting for other leaders in the “coalition of the willing” to update them on progress towards a peacekeeping force.
Military officers from around 30 countries have been involved in drawing up plans for a coalition, which would provide a peacekeeping force in the event of a ceasefire being agreed between Russia and Ukraine.
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This force “would help regenerate Ukraine’s armed forces after any peace deal and strengthen confidence in any future peace”, according to Number 10.
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