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

Ghana Welcomes PM Modi

Hundreds of people, including locals, started chanting “Modi-Modi”, “Bharat Mata Ki Jai” and “Vande Mataram” as soon as PM Modi arrived at the hotel….reports Asian Lite News Prime Minister Narendra Modi received

Musk Signals Thaw in Trump Rift

Musk credited Trump for resolving major global conflicts, tagging a Truth Social post to back his claim….reports Asian Lite News Tesla CEO and former presidential advisor Elon Musk appeared to signal a

Tibetans Slam China’s ‘Reincarnation Politics’

Sikyong said the Chinese government is systematically working to erase Tibetan identity by targeting its language and religion, core pillars of its cultural heritage….reports Asian Lite News With the Dalai Lama entrusting
Go toTop

Don't Miss

UK house prices drop by most since 2009

The Bank of England has raised interest rates 13 successive

Setback for China as ‘super-embassy’ blocked in London

Officials at London’s Tower Hamlets borough council voted unanimously to