Away from the interest rates decision, stricken Titanic shipbuilder Harland & Wolff has been rescued in a deal that will see jobs protected.
Spanish state-owned business Navantia has stepped in to buy the struggling firm, which was placed into administration in September for the second time in five years.
The Belfast-based company is a subcontractor in part of a consortium that landed a major contract to build new fleet solid support ships for the Royal Navy.
Navantia UK is the main contractor on that contract, which was originally valued at £1.6bn for three vessels.
The deal, which is subject to regulatory approval, will secure 1,000 jobs at Harland and Wolff’s four shipyards – one in Belfast, two in Scotland and one in England.
The purchase agreement is set to protect workers’ existing terms and conditions.
Business and Trade Secretary Jonathan Reynolds said: “This deal is a major vote of confidence in the UK from Navantia, which will not only secure the future of UK shipbuilding but protect 1,000 jobs across the country and bring future investment into shipbuilding right across the UK.”
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