Government agrees £500m funding deal with Tata Steel

Business Secretary Jonathan Reynolds has confirmed that the government will invest £500m into Tata Steel’s UK operations, while a “new and improved deal” for workers will support the transition to greener steel production. Reynolds added that workers at the Port Talbot steel plant will receive improved redundancy terms and the offer of a skills package. Unions are balloting members on plans that will see minimum voluntary redundancy payouts of £15,000 for full-time employees, alongside a £5,000 retention payment. Tata will offer staff at risk of compulsory redundancy a “comprehensive training programme” providing “recognised qualifications in sought-after skills.”