UK Nationalisation Moves: Trains, Steel, and Teesside Scrutiny

The Labour government plans to renationalise South Western Railway, addressing UK rail issues. Mastercard agrees to settle overcharging claims in the UK. The British government considers nationalising British Steel to rescue the Chinese-owned company. Tees Valley's accounts face scrutiny as auditors highlight financial management weaknesses.

South Western Railway is poised to become the first train operator in Britain to be renationalised under Labour's initiative to reform the struggling railway sector, according to the Department for Transport.

Amid legal proceedings, Mastercard has agreed in principle to settle a London lawsuit regarding alleged overcharging of British consumers on card fees.

The UK government acknowledges that nationalising British Steel remains a possible strategy if current rescue plans flounder. Meanwhile, auditors have raised concerns about financial oversight at Lord Ben Houchen’s Teesside regeneration project, refusing to approve two years of accounts.

(With inputs from agencies.)