Source · Select Committees · Public Accounts Committee
Recommendation 12
12
The NAO found that if spend continued at the current rates it could exceed £1.5...
Conclusion
The NAO found that if spend continued at the current rates it could exceed £1.5 billion in 2028. This is before any potential transformation of British Steel, compensation to the owner, or exit costs.33 The Department told us as British Steel has been nationalised, an independent valuer will now be appointed to determine what if any compensation is due to the previous owner. The Department considered that ongoing losses show that the company is not commercially valuable.34 33 C&AG’s Report, para 13 34 Qq 56-57, 82-85 12 2 Ensuring the intervention ends successfully Preparing a timetable for ending the intervention