British Steel: more questions than answers on the future | Nils Pratley

Hard decisions over a possible sale and future subsidies loom now full nationalisation is on the cards

• Explainer: how did we get here, and what about the future?

• Full nationalisation of British Steel expected in king’s speech

“One of the proudest things we have done in government,” said Keir Starmer in Monday’s big speech about the decision a year ago to recall parliament in order to take control of British Steel at Scunthorpe.

It was an odd boast because last year’s action was merely an emergency exercise in saving the patient, as opposed to getting British Steel on its feet and out of the hospital. Taking control meant the Chinese owner, Jingye, could not turn off the two blast furnaces but meant the government was on the hook for operational losses, which will be £615m and counting by next month according to the National Audit Office (NAO).