The Government has doubled its financial aid for workers and businesses reeling from job cuts at the Tata steel plant, announcing an additional £15m to aid those impacted by changes at Tata’s Port Talbot location in south Wales.
Welsh Secretary Jo Stevens has declared that this will boost a fund aimed at supporting Welsh businesses heavily dependent on Tata steel to £30m. Stevens revealed plans to expand eligibility for these funds and increase the cap on individual grants up to £250,000, allowing businesses to invest in property, technology, and equipment. She referenced the “significant demand” for the current funding pool, with around 40 companies employing over 2,000 staff entering the grant application phase.
These grants are set to deliver millions of pounds by the forthcoming new year. The bolstered funding anticipates a rise in departures from Tata early in 2025 due to the firm’s voluntary redundancy initiative.
Ms Stevens expressed the Government’s commitment: “This Government is acting decisively to support workers and businesses in Port Talbot.” She underlined the readiness to assist as many people as possible and the government’s ongoing efforts saying: “In just four months we have announced more than £40 million in investment. We said we would back workers and businesses affected by the transition at Port Talbot and we are doing exactly that.”
“While this remains a very difficult time for Tata workers, their families and the community, we are determined to support workers and businesses in our Welsh steel industry, whatever happens.”
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