Harland and Wolff rescue deal is ‘vote of confidence in UK’ – Business Secretary Taxpayers are set to fork out more for Royal Navy support ships following a pact aimed at rescuing the beleaguered shipbuilder Harland and Wolff, with Spanish state-owned enterprise Navantia buying it.
Business Secretary Jonathan Reynolds has not disclosed the precise amount of additional funding to be injected into the contract but has maintained that the adjustment is "relatively minor" and spells a sound investment for taxpayers, the workforce at H&W's shipyards, and national security.
Pending regulatory green light, the transaction will secure jobs at H&W's quartet of shipyards scattered across Northern Ireland, Scotland, and England: Belfast, Methil on the Firth of Forth, Arnish on the Isle of Lewis, and Appledore in north Devon.
The company, renowned for constructing the Titanic, plays a role as a subcontractor within a consortium that secured a deal to construct new fleet solid support (FSS) ships for the navy.
Mr Reynolds underscored that the change to the FSS agreement was "relatively minor given the size of that contract, which is obviously a very important one for national security".
