(2) shared temporary or longer-term ownership – 2016 Parliamentary Question to the Department for Business, Innovation and Skills
The below Parliamentary question was asked by (2) shared temporary or longer-term ownership on 2016-04-13.
To ask Her Majesty’s Government, further to the statement by the Secretary of State for Business, Innovation and Skills, Sajid Javid, on 11 April (HC Deb, col 50) on the steel industry that they are looking at the possibility of co-investing with a buyer on commercial terms”
Baroness Neville-Rolfe
Co-investment means offers of Government support on commercial terms. Examples of where private investment and public support have worked effectively include the Green Investment Bank and the British Business Bank. The formal process for the sale of Tata Steel’s remaining UK assets commenced on 11 April and we do not yet know what support any potential investor might require. The Government will consider all options to see steel making continue, and stands ready to engage with commercial investors on a package of support, on commercial terms, to help ensure the long term future of our steel industry.
That is why on 21 April, the Government announced that a package of support worth hundreds of millions of pounds will be made available to potential buyers on commercial terms to support the ongoing operation and deliver long term investment in the future of the business. We will also consider support in other areas such as plant, pensions and power supply, and any other areas that potential buyers believe the Governments can provide support.
