MPs have warned that ministers lack a credible plan to revive British Steel, which has cost taxpayers more than £500 million since being nationalised. The Commons Public Accounts Committee said the company is losing £1.3 million a day and that continuing to fund it indefinitely is unsustainable.

The government took control of Scunthorpe’s steelworks after its previous owner, Jingye, abandoned negotiations, citing the plant’s national importance. By June, ministers had provided £555 million for wages, raw materials and other costs, but could not estimate the eventual bill; MPs also warned that protective steel tariffs could harm British engineering firms.