Michael Dugher – 2016 Parliamentary Question to the Department for Business, Energy and Industrial Strategy

The below Parliamentary question was asked by Michael Dugher on 2016-07-12.

To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will make an assessment of the effect of the recent change in the value of the pound on the purchasing power of British steel companies.

Mr Nick Hurd

My Department regularly reviews the impact of changing economic conditions on business including in specific sectors such as steel. We also talk regularly to companies to understand their view on market conditions including in formal meetings such as sector councils.

Steel companies are impacted differently by exchange rates depending on the balance of raw materials they import from outside the UK and the location of their export markets.