Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, whether he has made provisional allocations for the £2.5 billion assigned to the UK Steel Strategy.

We continue to engage with industry and other stakeholders as we move into the delivery phase of the steel strategy, following its publication on the 19 March. This includes work to implement the new trade defence measure ahead of the 1 July. The publication of any further information will be considered as this progresses.

The steel strategy reaffirms the government’s commitment to spend up to £2.5 billion on the steel sector. Building on the direct support provided so far, the National Wealth Fund will be the main mechanism for providing finance for investment in the steel sector. It is actively seeking engagement with steel firms for strong, investible projects.

Allocations are subject to the usual government approvals processes and ministerial decisions. All support for the steel sector has been drawn from existing government budgets, with no additional borrowing or trade-offs required.