UK government has so far set aside £94mn to cover British Steel rescue

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Financial Times 1d ago

UK government has so far set aside £94mn to cover British Steel rescue - Financial Times

Quick Summary:

Ministers have repeatedly said that they have a “war chest” of £2.5bn to spend on green steel, which could come from the state-owned National Wealth Fund.

Closure would have left the UK as the only G7 nation without the ability to make steel from raw materials, although the Scunthorpe plant relies on imports of iron ore and coking coal to keep running.

Reynolds said that the money spent so far was a lot less than if ministers had allowed the “total collapse” of British Steel, which he said would have cost £1bn.