Tata Steel Seeks £500 Million Bailout
BUSINESSFEATURED
By Agency Report 2:23 am , Mon, 27 April 20
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Labour MP Stephen Kinnock said, Tata Steel which is Britain’s largest manufacturer are seeking a £500m government bailout over the lockdown to save the industry.
Kinnick whose constituency includes Port Talbot steelworks, said that Tata have approached the Welsh and UK governments, Sky News reported.
The Treasury and the Department for Business, Energy and Industrial Strategy are considering the request from Tata Steel, Sky News reported.
Currently the Coronavirus Large Business Interruption Loan Scheme, only offers loans up to £50m if a business has a turnover of £45m.
Kinnock said this government must lift the cap to save the future of Tata Steel and more than 12,000 jobs, 4,000 in Port Talbot and over 8,000 in the UK.
The MP said, “Since the 2016 UK steel crisis the UK government has offered plenty of warm words about supporting our steel industry.
“Now is the time for ministers to finally start matching those words with actions.”
Source:https://www.independent.ng/tata-steel-seeks-500-million-bailout/
BUSINESSFEATURED
By Agency Report 2:23 am , Mon, 27 April 20
0 37
Share
Labour MP Stephen Kinnock said, Tata Steel which is Britain’s largest manufacturer are seeking a £500m government bailout over the lockdown to save the industry.
Kinnick whose constituency includes Port Talbot steelworks, said that Tata have approached the Welsh and UK governments, Sky News reported.
The Treasury and the Department for Business, Energy and Industrial Strategy are considering the request from Tata Steel, Sky News reported.
Currently the Coronavirus Large Business Interruption Loan Scheme, only offers loans up to £50m if a business has a turnover of £45m.
Kinnock said this government must lift the cap to save the future of Tata Steel and more than 12,000 jobs, 4,000 in Port Talbot and over 8,000 in the UK.
The MP said, “Since the 2016 UK steel crisis the UK government has offered plenty of warm words about supporting our steel industry.
“Now is the time for ministers to finally start matching those words with actions.”
Source:https://www.independent.ng/tata-steel-seeks-500-million-bailout/
