Prime Minister Keir Starmer is considering nationalising British Steel as fears grow that only days remain to secure raw materials required for the company's blast furnaces in Scunthorpe.British Steel has been owned by the Chinese company Jingye since 2020 and has said its two blast furnaces in Scunthorpe are "no longer financially sustainable."The Prime Minister said "I'm absolutely committed to steel production in this country."Nigel Farage visited the steel works on Tuesday and called for nationalisation claiming that there were "3 days to save British Steel."COMMENT NOW - Should British Steel be nationalised?
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00:00You've been watching the markets this morning, they're up about 5%.
00:03What on earth do you think Donald Trump is up to over in America?
00:10So normally, when you get a big stock market fall, you get a corresponding rise in the bond market.
00:15So, say you're a pension fund investor, you might lose money on behalf of your people on the equities,
00:20but you make a bit of it back on the bonds.
00:22And every time we have a stock market crash, that pattern repeats.
00:25This time it was different.
00:26This time, we saw stock markets going down and bond prices falling as well,
00:32which led to real panic amongst the investment community.
00:36And by the way, the same thing happened here.
00:38You know, 10-year interest rates yesterday in Britain traded over 5%.
00:41And the reason for this is the size of American national debt, the size of British national debt.
00:47And I think, frankly, what happened is some of Donald Trump's biggest supporters said,
00:51you please, please got to take your foot off the brake.
00:55Otherwise, we're going to be in big trouble.
00:56So it was definitely a move caused by the markets, but equally caused by some of those who put a lot of money into Donald Trump's campaign.
01:07And we've lost our Brexit benefit, haven't we, Nigel?
01:10I mean, everybody's got these 10% tariffs now.
01:15Yeah, that's right.
01:16However, we're in a much better place to negotiate than the European Union is.
01:20Donald Trump actually likes us.
01:22Our trade with America is roughly even, as opposed to the European Union, who he dislikes intensely,
01:29and who, of course, on cars have a massive surplus.
01:31So we are in a much better position than our neighbours in Europe to negotiate a tariff-free package.
01:37I absolutely believe that that is achievable over the course of the next month or two.