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, 2 months ago)
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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.