Harland & Wolff is hanging in the balance as the Government announced that it would not provide financial support for the shipbuilding firm.

Last week, the firm, which employs more than 1,500 across its operations, including in its main Belfast yard, said that it had been in talks with the Department for Business and Trade over support, which includes a £200m export development guarantee.

However, in a statement to MPs, business secretary, Jonathan Reynolds, said that the application had been rejected, stating that any funding "would not necessarily secure" its objectives and that there could be a "very substantial risk" that taxpayers money could be lost.

Harland & Wolff, which has substantial debts, said that it remains in talks with lenders to secure new loan facilities, with talks expected to last a few more days.

The news comes after the firm’s chief executive officer, John Wood, stood down from the role last week.

Harland & Wolff was saved from closure in 2019, after it was bought out of administration fir £6m by InfraStrata, and is said to still be in discussions with key stakeholders, including the UK Government, on its existing and future contracts, which includes a £1.6bn deal with the Royal Navy.

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