British Steel: Finance
The question
To ask the Secretary of State for Business and Trade, whether conditions were attached to the funding provided to British Steel to ensure (a) value for money and (b) long term sustainability.
Answered by Sarah Jones
Funding is provided to British Steel under the provisions of the Steel Industry (Special Measures) Act. This funding is supported by wider powers under the Act to ensure it results in the safe and continued operation of steelmaking. All funding released to British Steel is reviewed and approved in advance, and is subject to the usual value-for-money considerations. The intervention is a temporary measure and work is continuing to determine the best long-term sustainable future for the site.
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