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Government statement on British Steel

1 May 2019 (updated on 1 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

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