Belfast shipbuilder in talks with British government on rescue plan
The Labour government is under pressure to sign off a rescue deal for the beleaguered Belfast shipbuilder Harland & Wolff within weeks, in an early test of the party’s willingness to prop up strategic companies when they run into trouble.
“There is a risk of the industrial strategy being partly defined as government picking losers or losers picking government, rather than a strategic approach to the economy,” he said. “What good industrial strategy is all about is leaning into our competitive advantages.” On July 1 – days before the election that swept Labour to power – the business suspended trading in its shares on London’s AIM market after accounting issues delayed the filing of its audited annual results.
Its unaudited results showed an operating loss of £24.7 million for 2023, and H&W said it is aiming to publish the audited results later this month. Jonathan Reynolds, business secretary, has insisted there was a “better deal available” if the Indian company would negotiate with the new government, which has set aside £2.5bn for green steel if the company would guarantee jobs and the supply chain.
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