The UK government has opted not to provide financial assistance to the struggling firm, citing concerns over potential losses of public funds.
Harland & Wolff had requested a £200 million (€235 million) loan guarantee from the government as part of its financial restructuring efforts. However, the British government declined to act as a guarantor and also ruled out direct funding to support the company’s liquidity.
In Belfast, Starmer told reporters that the decision will remain “under close review.” He said, “We’ve obviously considered this very carefully, and the business secretary has made a decision. We believe the market is best equipped to handle the current situation, but we will keep it under review due to the significant importance of the work, especially in the defence sector.”
Harland & Wolff, known for building the Titanic, operates four sites: one in Belfast, two in Scotland (Methil on the Firth of Forth and Arnish on the Isle of Lewis), and one in England (Appledore in north Devon). The company has announced plans to seek alternative debt financing.