Steel Closures Will Cost Treasury Millions Of Pounds

Stephen Kinnock (Aberavon) (Lab): The Secretary of State will be aware that the hard closure of the Redcar steelworks will cost hundreds of millions of pounds to secure the assets that are there, and the continued bad news on closures will cost hundreds of millions of pounds more, potentially running into billions. 

Stephen Kinnock (Aberavon) (Lab): The Secretary of State will be aware that the hard closure of the Redcar steelworks will cost hundreds of millions of pounds to secure the assets that are there, and the continued bad news on closures will cost hundreds of millions of pounds more, potentially running into billions. Has he shared this information with the Chancellor of the Exchequer? Does the Chancellor understand the impact this will have on his much-vaunted deficit reduction plans?

Sajid Javid: Of course the sad closure of the steelworks—the coking facilities—at Redcar is well known and understood throughout the Government, and every Department that needs to be involved in providing support and help is involved.