Labour has brought forward its £3 billion emergency transformation fund to green the steel industry over 5 years instead of ten as originally planned. Due to the perilous state of the steel industry, Labour will accelerate plans to invest an additional £2.5 billion, on top of the Government’s planned £500 million investment, in Britain’s steel industry in the next parliament.
Under the Conservatives over 1,000 steel jobs have been lost in Wales, that is before the Government announced their plans to close the blast furnaces in Port Talbot which could see hundreds more jobs lost.
A Labour Government working with the Welsh Government will invest £7.3 billion in its National Wealth Fund, with investment deployed in every region and nation of the UK. The National Wealth Fund will create almost 20,000 jobs in Wales over the decade.
Labour’s steel investment will safeguard jobs in Port Talbot over the next Parliament by investing alongside industry in a range of technologies to protect Britain’s ability to make primary steel ensuring we are not reliant on foreign made steel.
Jonathan Reynolds, Shadow Business and Trade Secretary said,
“Years of inaction have left our steel industry in Port Talbot on the brink. Labour has heard loud and clear what Welsh workers and the industry needs, action now. Labour will invest £2.5 billion over the next five years to make the investments needed to save our steel industry.
“Britain is a country that builds things and Labour will not allow the Conservatives to weaken our manufacturing base. While the Government has handed over £500 million to make 3,000 workers redundant, Labour will invest wisely to ensure workers and industry benefit from the transition to green steel.
“Labour’s National Wealth Fund will invest to ensure working people feel the benefit of the transition to net zero, more jobs and opportunities supported by wise investments. There will be a bright future for our proud industries under Labour.”
Jo Stevens, Shadow Welsh Secretary, said:
“Steelmaking is the lifeblood of communities across Wales, the backbone of local economies and the foundation of our manufacturing capability.
“Yet short-sighted Tory ministers threaten to squander it all. They’ve shown a casual indifference to thousands of people across south Wales whose livelihoods are at stake and a total disregard for the need to preserve the UK’s sovereign steelmaking capability. The Conservatives do not have a plan for Wales or our economy.
“Working in lockstep with a Welsh Labour government, the next UK Labour government will invest to ensure that the transition to green steel comes with jobs in Wales.”