Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to provide support in the form of loans to the steel sector during the covid-19 outbreak.

Since the outbreak, the government has announced a comprehensive package of support for businesses and workers to protect them against the current economic emergency. The Coronavirus Large Business Interruption Loan Scheme will provide a government guarantee of 80% to enable banks to make loans up to £25m to viable firms with a turnover of between £45m and £250m per annum, and loans of up to £50m to viable firms with a turnover over £250m.

This support complements the unprecedented help available for businesses including the CCFF, tax deferrals, the Coronavirus Job Retention Scheme, and covering the cost of statutory sick pay. These measures have also resulted in more than £6.8 billion of funding being allocated to the devolved administrations to deal with Covid 19.

Prior to Covid 19, the government had already begun to take wide-ranging action to support the UK steel industry, including compensation for energy costs, supporting innovation and clean steel production – through the £315m Industrial Energy Transformation Fund and £250m Clean Steel Fund, and working with the industry to introduce steel procurement guidance.