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Statement from the Secretary of State for Business and Trade
11 September 2024
Type
Written Ministerial Statement
Department
Department for Business and Trade
TAGS
At a Glance
Issue Summary
The statement addresses the improved deal secured by the Government for Tata Steel workers impacted by transformation plans and outlines the ambition for a new UK-wide steel strategy.
Action Requested
The minister announces that a new Steel Strategy will be introduced, to be published in Spring 2025. This strategy aims to enhance UK capabilities, review options for primary steelmaking, and use procurement practices to drive economic growth while promoting social value.
Key Facts
- Tata Steel agreed to offer a comprehensive training programme for up to 500 employees on full pay for one month followed by £27,000 per annum for 11 months.
- The Government secured improved voluntary redundancy terms with minimum payments of £15,000 and retention payments of £5,000 for eligible employees.
- Tata Steel will release 385 acres of their site for sale or transfer to attract additional companies and industries.
- A new Grant Funding Agreement includes stronger conditions, such as a clawback mechanism of £40k per unretained job post transformation.
- The UK Government plans to introduce a new Steel Strategy in Spring 2025 aiming to increase investment, strengthen supply chains, and create well-paid jobs.
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