British Steel: Finance
The question
To ask the Secretary of State for Business and Trade, whether the £274 million funding provided to British Steel has been allocated as (a) a grant, (b) a loan and (c) an equity injection; and what conditions regarding repayment have been attached to that funding.
Answered by Chris McDonald
Funding is provided to British Steel under the provisions of the Steel Industry (Special Measures) Act, and is recoverable as a debt due to the Crown, as set out in section 3(6) of the Act. There are no conditions attached save the requirement for the funds to be used in accordance with the purpose set out in legislation. All funding released to British Steel is reviewed and approved in advance.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →