Iron and Steel: Finance

Department for Business, Energy and Industrial Strategy written question – answered on 15th November 2022.

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Photo of Jessica Morden Jessica Morden Chair, Statutory Instruments (Joint Committee), Chair, Statutory Instruments (Select Committee), Chair, Statutory Instruments (Joint Committee), Chair, Statutory Instruments (Select Committee), Shadow Vice Chamberlain of HM Household (Whip), Shadow Deputy Leader of the House of Commons

To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will make an assessment of the potential merits of establishing a UK steel innovation fund using industry funding returned from the EU Research Fund for Coal and Steel following the UK's withdrawal from the European Union.

Photo of Nusrat Ghani Nusrat Ghani The Minister of State, Department for Business, Energy and Industrial Strategy

The Government recognises the importance of research and development in helping to transform the steel sector as part of the cleaner, greener economy being developed in the UK.

Our ongoing support for the sector’s low-carbon development includes access to over £1 billion in competitive funding to support industry with energy efficiency, decarbonisation, low carbon infrastructure and research and development. This is in addition to the £780m we have provided the steel sector since 2013 to help with energy costs.

The Government will continue to work with the sector to support their long-term transition.

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