British Steel

Today, we heard that British Steel has been placed into compulsory liquidation. This is a disappointing development which, understandably, comes as a great concern to many constituents.

I and my neighbouring colleagues will continue to work with the Government to find a solution with a new buyer for the company - I understand several potential buyers have already come forward.

The Government loaned £120 million to British Steel's owners, Greybull, 2 weeks ago and have offered tens of millions of pounds since. However, this has not been enough to save the company.

A number of assurances have been made to reduce the uncertainty for workers.

For example, the Government ensured that workers were paid early this week to ensure that there is no doubt over this month's wages.

The British Steel site will now be passed on to the Government's Official Receiver, which offers hope that the site can continue to operate. 

State aid rules will be dis-applied allowing the Government to put money in to support the site and to continue its running.