Sheffield Forgemasters' £80m loan 'was an easy cut for Coalition' - Telegraph

Sheffield Forgemasters' £80m loan 'was an easy cut for Coalition' - Telegraph: "Forgemasters was awarded the loan by the Labour government to finance a 15,000-ton press to develop parts for nuclear power stations. However, following the election, Vince Cable, the Business Secretary, scrapped the state aid in a spending bonfire designed to reduce Britain's budget deficit.
The Business, Innovation, and Skills (BIS) Committee claim the project appears to have been scrapped without a 'substantial comparative cost-benefit analysis' and that the Government should have been more 'transparent' in articulating its decision.
The scrapping of the loan was controversial, with unions claiming it cost hundreds of jobs. Out of 217 projects analysed by the Government, only 12 were cancelled, with Mr Cable saying many had already been contractually committed."