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Lazard Scheme

Volume 22: debated on Friday 30 April 1982

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asked the Secretary of State for Industry how much money the Government have put into the Lazard scheme for the rationalisation of the steel foundry industry; and how much of this finance is going towards enhanced redundancy payments for the redundant workers.

The Government have made a grant of £795,145 towards compensation payments to be made to companies closing under the high alloy (static) scheme. The proportion to be spent on redundancy payments is a matter for the individual companies.

asked the Secretary of State for Industry what consultation took place with the appropriate trade union with regard to the implementation of the Lazard agreement for the steel foundry industry; and what is the purpose of the agreement.

The steel castings industry reconstruction agreement is intended to promote voluntary rationalisation by means of self-help levy schemes. Participants remaining in business in each sector pay a levy in order to fund compensation payments to companies who volunteer to close. I understand that trade union representatives have been kept informed of developments by Lazards and that companies concerned in individual schemes will consult employees and trade unions about detailed closure arrangements.