Financial support for Harland & Wolff ‘under close review’ [Video]

The UK Prime Minister Keir Starmer has stated that the market is “best placed” to address the financial challenges faced by Harland & Wolff.

The British Government has decided not to provide financial support to the struggling Belfast shipbuilder due to concerns over potential public money losses.

Harland & Wolff, a key member of the consortium awarded a major contract to build new Fleet Solid Support ships for the Royal Navy, had sought a £200m loan guarantee from the Government as part of its financial restructuring efforts.

However, ministers opted not to act as a guarantor for the loan and ruled out providing direct funding to maintain the company’s liquidity.

In Belfast, Starmer indicated that the decision would be kept “under close review.”

“We’ve obviously looked at this very carefully, and the Business Secretary has made a decision.

“Of course, we’ll keep it under close review.

“We do believe that the market is best positioned to manage …