Jonathan Reynolds says he expects Royal Navy ships will continue to be built at the struggling Belfast yardThe business secretary, Jonathan Reynolds, has said he is confident that the Harland & Wolff shipyard in Belfast will continue to build ships for the Royal Navy, despite ruling out government support for the struggling company.Harland & Wolff is part of a consortium on a £1.6bn contract to build three naval fleet solid support ships to supply the Royal Navy’s aircraft carriers. However, it has faced months of uncertainty over its future.
The government on Monday confirmed that it has refused to grant a £200m loan guarantee to help the struggling company to refinance. The shipbuilder had hoped to secure a guarantee of up to 80% of any loan value to help it avoid collapsing into administration for the second time in five years. But the guarantee would have put taxpayer money at risk if the shipyard fails. Continue reading…
Source link : https://www.theguardian.com/business/article/2024/jul/22/business-secretary-confident-market-led-solution-harland-woolf
Author : Jasper Jolly
Publish date : 2024-07-22 17:42:09
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