‘Most generous voluntary redundancy package ever’ offered to staff at Britain’s biggest steelworks

Business

The chancellor has defended the government’s £500m steel industry subsidy, with thousands of jobs set to be lost at Britain’s biggest steelworks.

When asked why the government is spending money on jobs that are going to be scrapped, Rachel Reeves said the steel industry was “incredibly important” to the UK economy.

The government, Ms Reeves said, was working with businesses and unions to transition to green steel while also preserving jobs.

Her comments come ahead of a House of Commons announcement on the fate of Wales’ Port Talbot steel works.

Please use Chrome browser for a more accessible video player

Rumours of a £1.25bn deal could soon be confirmed – or denied – by the government.

As many as 2,800 jobs are to be lost despite the previous government issuing £500m of funding. In return, the company would invest £750m.

Sky News revealed on Monday that Jonathan Reynolds, the business secretary, wants to make a statement to parliament on Wednesday about the Tata Steel deal after Prime Minister’s Questions.


Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

Ministers are racing to finalise a £1.25bn deal amid fading hopes of a similarly consensual agreement with the industry’s second-largest player.

Mr Reynolds has said “a better deal” was possible than the one negotiated by the last government.

Industry sources told Sky News redundancy terms and retraining programmes for affected workers were among the final points being negotiated between Tata Steel and the government.

Articles You May Like

From Anchor Butter to Malcolm Tucker – Peter Capaldi on ‘going sinister’
U.S. crude oil drifts lower, trades below $74 per barrel after sell-off
Flights cancelled and evacuations under way as Florida prepares for ‘worst storm in a century’
U.S. crude oil jumps 2%, trades near $76 as market waits for Israel strike against Iran
Microsoft will let people buy games through Xbox app on Android in November after Google antitrust ruling