Government statement on British Steel

01 May 2019

Business Secretary Greg Clark made a statement in the House of Commons on British Steel.

The statement follows speculation in various media outlets of a £100 million emergency loan made by the UK Government to allow the company to pay EU carbon bill.

The Business Secretary told the House,

"I want to be clear with the House that the agreement reached with British Steel is a unique one in exceptional circumstances. My department's assessment - which has been agreed with the Treasury - shows that the deed of forfeiture offers value for money to the taxpayer, with benefits exceeding the costs."

Shadow Business Secretary Rebecca Long-Bailey responded to the statement and said:

"I know the Secretary shares my belief that steel is one of the jewels in the crown of British manufacturing, and I hope he can assure the House today that this is just the first step in a long list of policies dedicated to supporting the sector going forward."

Image: PC

Follow the @HouseofCommons on Twitter for updates on today's business in the UK House of Commons Chamber.

Please fill in our quick feedback survey to help us improve our news content. 

More news on: Business, industry and consumers, Parliament, government and politics, Parliament, Business support, EU grants and loans, Companies, Industry, House of Commons news, Commons news

Share this page

Related information

  • What are statements?

    Government Ministers may make oral statements to Parliament which usually address major incidents, government policies or actions. These take place after Oral Questions and any granted Urgent Questions. Written statements are normally used to put the day-to-day business of government on the official record and in the public domain.

  • How to watch proceedings from the public gallery

    UK residents and overseas visitors can watch proceedings in the House of Commons by visiting the public gallery.

More Parliament news