UK Steel Production: Greensill Capital Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Angela Eagle
Main Page: Angela Eagle (Labour - Wallasey)Department Debates - View all Angela Eagle's debates with the Department for Business, Energy and Industrial Strategy
(3 years, 1 month ago)
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Kwasi Kwarteng
I commend my hon. Friend’s work in representing COP26 and doing a great job in engaging with businesses on COP26. I assure him that green steel is very much at the front of our minds. It is something that I am very focused on. We have mentioned the Steel Council, and I have also mentioned a number of times the industrial decarbonisation strategy. Green steel is absolutely the way forward, and I look forward to working with him to see how we can make progress in this vitally important area.
Dame Angela Eagle (Wallasey) (Lab) [V]
Can the Secretary of State explain why Greensill—an unregulated shadow bank with close links to the Conservative party—was given access to the coronavirus large business interruption loan scheme, which is backed by 80% taxpayer guarantees? Following its collapse, which puts the future of Liberty Steel and thousands of jobs at risk, will the Minister practise the transparency he has just been talking about and tell the House how many millions of pounds of losses incurred will end up being dumped on the UK taxpayer?
Kwasi Kwarteng
The right hon. Lady will know that I cannot possibly comment on that, because it is part of an ongoing series of discussions. We do not really know the full extent of the impact of Greensill’s collapse on the British economy. We are looking into it very closely and looking at which companies have been affected, but until that further investigation we cannot possibly comment on the extent of the liability.