Taxpayers face £600m bill if shipyard closes (From Hampshire Chronicle)

Taxpayers face £600m bill if shipyard closes

7:13am Monday 6th February 2012 in News

Taxpayers face a bill for up to £600 million if defence firm BAE Systems closes its historic Portsmouth shipyard, it has been reported.

BAE has put its UK operations under review in a move that reports have suggested may lead to the closure of its dockyard in Portsmouth, Hampshire, which would put 3,000 jobs in jeopardy.

BAE stressed it has yet to make any decisions, but an industry source has revealed that such a move could cost between £400 million and £600 million including redundancies and asset write-offs.