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Steel Industry

Part of the debate – in the House of Commons at 12:09 pm on 26th May 2016.

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Photo of Sajid Javid Sajid Javid The Secretary of State for Business, Innovation and Skills 12:09 pm, 26th May 2016

The hon. Gentleman is right to say that the scheme sponsor, Tata Steel UK, has responsibilities to the pension scheme. The reality is that the scheme is in a deficit of, depending on how we measure it, anywhere between £700 million and £1.5 billion, and perhaps even higher on a buy-out basis. It is well understood that the company is not able to cover that deficit because of its financial troubles. That is why the scheme trustees have made their proposal, and I hope that the hon. Gentleman agrees that, while we should not rush to any decision, it is right to consider it.