More funds to support Port Talbot steel workers and businesses

The UK Government has announced it is doubling funds to support workers and businesses affected by job losses at Port Talbot’s Tata steel plant.

Ministers said an extra £15 million will be made available for supply chain businesses and workers affected by changes at the site in south Wales.

Welsh Secretary Jo Stevens said the move means a fund to support businesses across Wales heavily reliant on Tata steel will be increased to £30 million.

Grants

She also announced that more businesses will be able to apply for the funds, and the value of individual grants is increasing to up to £250,000 for businesses to invest in equipment, property, technology.

The Government said there has been “significant demand” on the existing funding, with almost 40 businesses employing 2,000 people having begun the application process.

Grants worth millions of pounds are expected to be released in the new year.

The increase in funding is in anticipation of more people leaving Tata in early 2025 through the company’s voluntary redundancy scheme.

‘Difficult time’

Ms Stevens said: “This Government is acting decisively to support workers and businesses in Port Talbot.

“We are doubling the funding available to businesses and workers and widening access to grants to ensure we support as many people as possible.

“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.”