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1129546
unstar this property registered interest false more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
unstar this property hansard heading British Steel: Loans remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether the recent loan of £120 million to enable British Steel to meet its emissions trading compliance costs required a Ministerial direction. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16031 remove filter
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-18more like thismore than 2019-06-18
star this property answer text <p>The Secretary of State for Business, Energy and Industrial Strategy has not issued any Ministerial Directions in respect of British Steel.</p><p>This loan agreement was fully commercial and state aid compliant, valued at around £120m, under Section 7 of the Industrial Development Act 1982. Under the agreement the Government purchased emissions allowances on behalf of British Steel ensuring it met its 2018 ETS obligations. Failure to comply with its ETS obligations would have led to a fine of around £500m, on top of the costs of ETS compliance of around £120m.</p><p>In return, under a deed of forfeiture, the company’s 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing allowances for British Steel. The Government’s view is that the 2019 allowances will still be issued to British Steel in insolvency.</p><p>The Government’s assessment is that the Deed of Forfeiture offered value for money to the taxpayer, with benefits exceeding the costs, predicated on the level of confidence around security, even in the event of insolvency.</p><p>This position was supported by the independent Industrial Development Advisory Board which assessed the proposal in their statutory role and agreed with the Government’s value for money assessment.</p><p> </p><p> </p><p> </p>
star this property answering member printed Lord Henley more like this
star this property question first answered
remove maximum value filtermore like thismore than 2019-06-18T16:50:34.45Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this