May 22, 2019 / 11:27 AM / in 2 months

UK has agreed an indemnity for British Steel receiver: PM May

LONDON (Reuters) - Britain has granted an indemnity to the official receiver handling the collapse of British Steel, the country’s second largest steel producer, Prime Minister Theresa May said on Wednesday.

“(Finance minister Philip Hammond) has also agreed an indemnity for the official receiver to enable British Steel to continue to operate in the immediate future,” May told parliament.

The company collapsed after failing to secure emergency government funding, jeopardizing some 25,000 jobs.

Reporting by Elizabeth Piper and William James, Editing by Kylie MacLellan

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