British Steel nationalisation bill becomes law

Parliament has passed legislation granting the government powers to nationalise Scunthorpe-based British Steel, with the King signing the bill into law on Wednesday.

• The House of Commons approved amendments to the Steel Industry (Nationalisation) Bill on Tuesday, and the King signed the bill into law on Wednesday.
• Energy minister Chris McDonald told the Commons the government was "acting decisively and with a purpose in the national interest."
• Shadow business secretary Andrew Griffith argued that "nationalisation is a bad idea" and blamed high energy prices set by Energy Secretary Ed Miliband.
• British Steel's owner, Chinese company Jingye, has begun seeking compensation for nationalisation, while the UK government said it could limit or refuse compensation.