British Steel: Finance
The question
To ask the Secretary of State for Business and Trade, with reference to the Written Statement of 26 February 2026 by the Minister for Industry on British Steel, what contingency provision has been made within existing Departmental budgets to help ensure domestic steel production can be maintained should financial support requirements exceed current forecasts.
Answered by Chris McDonald
HMG is working closely with EY, who are providing onsite management support, to review British Steel’s forecasts and ensure that any funding requests are robust. HMG and EY work closely with British Steel management on scenario planning to ensure that the company can respond effectively to unexpected financial pressures. Contingency provisions have been built into forecasts throughout the intervention to address potential risks, including lower sales receipts, fluctuations in production levels, and urgent capital investment needs. At present, the intervention is funded from existing budgets which are considered sufficient to manage any such pressures.
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