The minister agrees to Chinese investors in the UK “high confidence tape”

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Business Secretary Jonathan Reynolds has suggested that there would be a high ribbon for Chinese investment in Britain in the coming years after he approved emergency legislation to maintain British steel standing on his feet.

“In recognition of the sensitivity of the steel industry for strategic national interests,” I will not bring a Chinese company to our steel sector. “

When asked if there was a “high confidence tape” for Chinese companies that control the UK’s business, he said: “Yes, we have to realize that.”

Prime Minister Sir Kerr Starmer took the extraordinary step of summoning Parliament on Saturday during Easter to pass emergency legislation, allowing the United Kingdom to control the British steel from its Chinese owner, Jenji.

Reynolds Sky News told whether the government can trust Chinese companies after Jenji’s treatment with British steel depends on the sectors in which it operates.

He said: “I think we must be clear about the type of sector that, in fact, we can promote and cooperate, and those frankly where we cannot. I will personally not bring a Chinese company to our steel sector.”

He added that he did not accuse the Chinese situation of being “behind” the recent decisions made by Jenny.

The government intervened to maintain the primary steel industry in the UK and protect 3,500 jobs. While Jingye is still the main contributor at the present time, the legislation is an essential step on the path of British steel nationalization.

The ministers said they should work to secure the raw materials needed to ensure the company’s melting ovens appear on its site in Scunthorpe.

People close to the company confirmed that officials were working on Sunday with the local administration of the British Steel program to secure new shipments from Cokee and Iron Ore to continue production.

The local hardware management was studying work with other participants in the industry to secure raw materials. More than ten companies have provided support for the company’s raw materials over the past 24 hours, according to the people.

The company said that one of the persons was re -evaluating whether it was possible to reverse the decision taken by the CEO of Jenji to reduce a furnace on a temporary basis.

And they said: “There are no options outside the table at the present time and the only focus is to keep the melting oven operations.”

On Sunday, Reynolds said that although his favorite choice is to find a partner in the private sector to help finance the future transformation of the British steel, the most likely option was full nationalization.

The intervention led to a new audit of the previous conservative government’s decision to sell the last group of strategic steel in the United Kingdom to a Chinese company in 2020.

The UK leader, Nigel Faraj, said Jenny was clearly a “bad actor” and criticized the conservatives, and BBC told on Sunday: “They gave a strategic industry to an actual foreign opponent.”

Reform is seen as a major labor party competitor in local elections on May 1, and Farraj sought to place his party as a major political preacher for the main industrial sectors across Britain.

Reynolds said that the British steel recorded 233 million pounds in losses in the last fiscal year, but the cost of the collapse of the steel maker would have exceeded one billion pounds.

On Saturday, the conservative deputy, Lishingford and Woodford Green, Sir Ian Dunkan Smith, said on Saturday that the previous conservative government “had not granted (Jenji) the contract.”

“I warned them of that,” he said to MPS. “It is time for us to make sure that we are dealing with China at the nominal value and do not accept pretending that this company is private or separate in any way from its government. This is a critical point.”