Written question asked by Lord Myners (Crossbench) on Tuesday, 21 May 2019, in the House of Lords. It was due for an answer on Wednesday, 5 June 2019. It was answered by Lord Henley (Conservative) on Tuesday, 4 June 2019 on behalf of the Department for Business, Energy and Industrial Strategy.
British Steel: Loans
- Question
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To ask Her Majesty's Government what assurance they received that the terms on which they provided financial support to British Steel were at commercial rates.
- Answer
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The agreement between the Government and British Steel regarding their EU Emissions Trading Scheme compliance was fully commercial and state aid compliant, under Section 7 of the Industrial Development Act 1982.
The terms of the commercial agreement are set out in letters from the Permanent Secretary to the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller & Auditor General, copies of which have been placed in the libraries of both Houses.
The Government carried out all of the necessary checks and due diligence which a typical commercial lender would undertake in relation to the company before making a commercial offer, including working closely with legal and commercial advisors to scrutinise the terms of the transaction.
The Deed of Forfeiture contains the terms and conditions which would be required by a commercial lender.
Secondary information
- Type
- Written question
- Reference
- HL15896
- Session
- 2017-19
- Related items
- Subjects
- British Steel Loans
- Link
- View this Written question on www.parliament.uk
Librarians' tools
- Timestamp
- 2025-10-09 14:30:44 +0100
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