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01:09
Chancellor considers Loan Guarantee for Harland and Wolff Shipyard, Belfast.
Belfast, Northern Ireland, 15 July 2024
The Chancellor, Rachel Reeves is considering support for Harland and Wolff Shipyard, Belfast.
The shipyard employs more than 1000 people and its large cranes, Samson and Goliath, dominate the city. The company is seeking a loan guarantee of £200m to restructure debt. Failing to get the finance would possibly put a £1.6bn Navy contract at risk.
Officials are advising that the bailout may pose a risk for the government and may pose difficulties with the European Union as the Windsor Agreement means the government may have to seek permission from Europe for a bailout.
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