September 4, 2023
1 min read

UK govt in advanced talks over £500m Tata Steel aid package

Industry sources close to the discussions said the company had indicated that over the long term, as many as 3,000 of its British-based staff were likely to lose their job…reports Asian Lite News

Whitehall officials and Tata Steel are close to agreeing a deal that would commit more than £1bn to the future of its Port Talbot steelworks, but which could ultimately result in thousands of job losses, Sky News reported.The terms of an agreement were subject to change, but that there were hopes of finalising it as early as this month.One insider suggested that Tata Steel had been trying to persuade the government to increase the proposed funding package in recent weeks, Sky News reported.Under the plans currently envisaged, the government would commit approximately £500m of public funding to the company, while Tata Steel’s Indian parent would sign off £700m of capital expenditure over a multi-year period.Port Talbot employs about 4,000 people – roughly half of Tata Steel’s overall UK workforce of approximately 8,000, Sky News reported.Industry sources close to the discussions said the company had indicated that over the long term, as many as 3,000 of its British-based staff were likely to lose their jobs.

Electric arc furnaces, which Tata Steel would commit to building as part of the agreement with government, utilise different, less labour-intensive, processes to produce steel than traditional blast furnaces.The government is said to have accepted during the discussions that some job losses would be inevitable as part of the transition to reducing carbon emissions, although an insider said on Saturday that a number of those could be through workers taking early retirement, Sky News reported.

ALSO READ-UK govt launches £1 bn fintech fund to compete with Silicon Valley

Previous Story

UAE Astronaut Program: Pioneering Scientific Discoveries

Next Story

Inflation is on track to come down, says Hunt

Latest from -Top News

Business Leaders Laud UK-India Trade Deal

The British government described the deal as the “biggest and most economically significant” trade agreement the UK has signed since leaving the European Union in 2020. Business leaders have today expressed strong

US Lawmakers Backs India’s Retaliation

Indian-American Lawmakers Endorses India’s Swift Response to Pakistan Tensions…reports Asian Lite News On Wednesday, one US lawmaker of Indian descent urged Pakistan not to exploit the ongoing tensions with India as an

U.S. Raises Alarm for Americans in Pakistan

Earlier, the US Department of State had issued a travel advisory in March, also urging its citizens to “reconsider travel to Pakistan due to terrorism and the potential for armed conflict.”…reports Asian Lite

Khawaja Asif: Peace Only If India Backs Down

The Indian strikes and Islamabad’s retaliation has jolted locals who fear that it could potentially lead to a full-scale war between the two countries…reports Asian Lite Ndews Pakistan’s Defence Minister Khawaja Asif
Go toTop

Don't Miss

We will continue attacking British ships, says Houthi rebels

The vessel had been abandoned for 12 days after the

Historic document details Indian jewels inside Royal Treasury

Another Indian item chronicled is a pearl necklace consisting of