Sheffield Forgemasters

This decision has got nothing to do with dilution of equity, which I shall come to in a moment in detail, if I may. The point we are trying to establish is that there is no question of dilution. The issue for us has always been commercial affordability. Some people have said that the decision is somehow a reflection on the company, the project, its management or staff; in fact, quite the opposite is true. We fully recognise that the project is commercially worth while, but the key point here is that this Government are serious about addressing the deficit and rebalancing the UK economy so that it can recover and grow once more. We are absolutely determined to ensure that all companies, including manufacturers, can operate in the right long-term business environment, so they can thrive and grow. As a result, the first priority for this incoming coalition Government has to be to restore confidence in the UK's finances, because confidence is the bedrock of our future economic growth. That means that we have to get to grips with the record budget deficit that we inherited, in order to ensure that this country is once again a good place in which to do business.