Harland & Wolff rescue ‘too risky’ for taxpayers [Video]

The UK’s Business Secretary yesterday said he was confident Royal Navy warships will be built in Belfast – despite ruling out a government rescue for troubled manufacturer Harland & Wolff, writes John-Paul Ford Rojas.

Jonathan Reynolds said there was a “very substantial risk that taxpayer money would be lost” if such a bail-out were to happen.

Instead, he said he believed a “market solution” would be found for the company, best known for building the Titanic but now racing to secure new funding.

Asked at the Farnborough Air Show whether he was confident there would be Royal Navy ships built in Belfast, he said: “Yes”.

Harland & Wolff joined forces with Spain’s Navantia in 2019 to win a €1.9bn Navy shipbuilding contract.

But last week the 163-year-old company revealed its request for a £200m (€237m) loan guarantee had been turned down by the Government.

Reynolds also said yesterday that an emergency cash injection has also been …