Politics always brings unexpected surprises, as Margaret Thatcher famously said.
The recent upheaval over Scunthorpe steelworks and China is a testament to that. Business secretary Jonathan Reynolds has made a surprising U-turn on Chinese involvement in steel, while unlikely allies from the Liberal Democrats and Reform UK have both expressed concerns about China.
Is Mr. Reynolds’ change of heart influenced by Number 10? It certainly seems that way, especially after Downing Street’s response on Monday.
In a Sky News interview, he stated, “I wouldn’t personally bring a Chinese company into our steel sector.” This marks a stark departure from his previous stance and criticism of David Cameron and George Osborne’s handling of China.
During a visit to Immingham docks, Mr. Reynolds clarified that his concerns were specific to one company and not a broader rejection of UK-China relations.
Despite the intense scrutiny, Number 10 maintained that there were no restrictions on Chinese involvement in critical industries. This shift in rhetoric has not gone unnoticed by critics like Nigel Farage and the Lib Dems, who vehemently oppose further Chinese ownership in British Steel.
Meanwhile, the government’s mixed signals on China have drawn criticism from various quarters, with differing views on the extent of Chinese involvement in UK infrastructure.
As the political drama continues to unfold, the irony of Margaret Thatcher’s legacy in privatizing British Steel and paving the way for Chinese investment cannot be ignored.