The Secretary of State for Wales, Rt Hon Jo Stevens MP, in her role as Chair of the Transition Board sought endorsement from the Board for the development of an £11.67 million Economic Growth and Investment Fund. £6.67 million will be provided by UK Government and £5 million from Tata Steel UK. This joint funding is aimed to boost inward business investment in the region and to support longer-term growth by supporting businesses and helping to create new jobs. A period of engagement will take place to design the fund over the coming weeks, with the fund going live in the autumn.
Today’s release of money marks the full allocation of the UK Government’s £80 million contribution from the Tata Steel / Port Talbot Transition Board fund. This funding has been delivered in just under a year, clearly demonstrating this Government’s commitment to the community impacted by Tata Steel UK’s transition to greener steelmaking. We are already seeing the positive impact of this investment to those impacted. The Board will continue to monitor the progress of the funds and ensure the right support continues to be administered to the region.
The Board also received updates on:
- Tata Steel UK’s decarbonisation programme;
- The Department of Business and Trade’s plans for a steel strategy;
- Mental health and well-being;
- The Transition Board funds that have already been announced.
Those in attendance included: Rt Hon Jo Stevens MP, Secretary of State for Wales; Rebecca Evans MS, Cabinet Secretary for Economy, Energy & Planning in the Welsh Government; Alex Norris MP, Parliamentary Under-Secretary for MHCLG; Cllr Steven Hunt, Leader of Neath Port Talbot Council; Frances O’Brien, CEO of Neath Port Talbot Council; Rajesh Nair, CEO of Tata Steel UK; Chris Jaques, Chief HR Officer, Tata Steel UK; Stephen Kinnock, MP for Aberafan Maesteg; David Rees, MS for Aberavon; Tom Giffard, MS & Luke Fletcher MS for the region of South Wales West; Anne Jessopp CBE, Sarah Williams-Gardener & Katherine Bennett CBE, independent members of the Board; Alun Davies, National Officer for Steel & Metals, Community Union; Tom Hoyles, Politics, Press and Research Officer, GMB Wales & Jason Bartlett Regional Officer of Unite the Union Wales.
