22 Not Addressed

UK steel producers were already facing some of the highest electricity prices in Europe prior...

Recommendation
UK steel producers were already facing some of the highest electricity prices in Europe prior to recent rises in the wholesale price of gas. Soaring gas prices have since transformed what was a long-standing problem into an immediate crisis. We urge the Government to support UK steel producers but note that short-term bailouts must not be at the expense of a longer-term strategy to secure a level playing field for UK steel producers with their European counterparts.
Government Response Summary
The government's response was entirely unrelated to the recommendation, instead discussing the International Accounting Standards Board's project on supply chain finance.
Paragraph Reference
119
Government Response
Not Addressed
HM Government Not Addressed
25. The International Accounting Standards Board (IASB) has an active project on its agenda in respect of supply chain finance (reverse factoring) arrangements. On 26 November 2021, the IASB issued an Exposure Draft which proposed amendments to IAS: 7 Statement of Cash Flows and IFRS: 7 Financial Instrument Disclosures.
Addressee Bodies
Department for Business and Trade
Timeline
Recommendation age 4.7 yrs
Report published 05 Nov 2021