⚡MPs have stated that British Steel is losing £1.3 million per day and that the government's survival plan for the company lacks credibility.

What it means

This is a UK political and industrial story: the cross-party Public Accounts Committee (PAC) has warned that British Steel, now under government ownership after a bailout, is losing £1.3 million per day of taxpayers' money, and that ministers have yet to produce a credible long-term survival plan for the company. The warning reflects deep concern about the sustainability of the nationalised steelmaker and the ongoing cost to public finances.

Accuracy & sourcesSourced

The claim is solid as reported by Sky News, which is a reputable secondary source citing the PAC's findings. The underlying primary source is the Public Accounts Committee's report, and the reporting closely reflects its content, including the specific daily loss figure and the lack of a credible plan. The figure and warning are consistent across multiple outlets, including The Guardian.

How new

This is genuinely new reporting from September 2026, based on the PAC's latest report on British Steel's finances and future.

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