§ Sir Anthony Meyerasked the Secretary of State for Industry what progress has been made on the self-help levy scheme being proposed by Lazard Bros. & Co. Ltd. on behalf of the general sector of the steel castings industry.
§ Mr. Norman LamontI am pleased to be able to say that Lazards has today announced final agreement on the carbon and alloy scheme. This represents the culmination of two years' work by the industry to reach agreement on a scheme which provides it with a real chance of survival, fit to compete internationally and to grasp new market opportunities.
We, of course, regret the redundancies that will have to be made as part of the rationalisation, but believe that 254W the scheme represents the best chance of safeguarding the long-term future of the United Kingdom industry. The Government therefore welcome the scheme and are providing substantial assistance under section 8 of the Industrial Development Act 1982 as well as certifying the scheme under section 406 of the Income and Corporation Taxes Act 1970 in order to ensure advantageous tax treatment of the compensation paid under the scheme.