Rolls-Royce Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Lord Fowler
Main Page: Lord Fowler (Crossbench - Life peer)Department Debates - View all Lord Fowler's debates with the Department for Business, Energy and Industrial Strategy
(4 years, 10 months ago)
Lords ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Lord Callanan (Con)
The plant is not closing. Rolls-Royce has made it clear that it sees it having a long-term future and will continue to invest in it. However, we have to understand the context: the Covid-19 pandemic has dealt it a devastating blow. In its first half-yearly results, Rolls-Royce announced that the company’s revenue fell by 24% to £5.6 billion, while for civil aerospace, the area in which it operates, revenue fell by 37%. This is a devastating time for many companies, including Rolls-Royce. We are doing all that we can to ensure that it survives the pandemic and can go on to generate secure, well-paid jobs in the future.
The Lord Speaker (Lord Fowler)
My Lords, all supplementary questions have been asked and we now move to the second Oral Question.