This is a remarkable step by the government – and Donald Trump, China and Reform UK have all played their part

When the sun sets on Scunthorpe this Saturday, the town’s steelworks will likely have a new boss – Jonathan Reynolds. The law that parliament will almost certainly approve this weekend hands the business secretary the powers to direct staff at British Steel, order raw materials and, crucially, keep the blast furnaces at the plant open. This is not full nationalisation. But it is an extraordinary step. The Chinese firm Jingye will – on paper – remain the owner of British Steel. But the UK state will insert itself into the corporate set-up to legally override the wishes of the multinational…