A new £11.78 million fund has been announced to support businesses in Port Talbot and the surrounding area. The Economic Growth and Investment Fund is designed to help companies grow, create high-quality jobs, and attract long-term investment. The fund is backed by £6.78 million from the UK Government and £5 million from Tata Steel UK. This investment is part of a larger £80 million package announced by the Transition Board, which is chaired by Welsh Secretary Jo Stevens and includes representatives from the UK and Welsh Governments, local authorities, unions, and business.
The fund will complement the work of the Welsh Government and Neath Port Talbot Council to strengthen the local economy. To ensure the fund has the greatest possible impact, a period of engagement with businesses will begin ahead of the fund opening for bids in the autumn. This will shape the fund’s design and ensure it meets the needs of businesses and unlocks the conditions for long-term economic growth, job creation, and private sector investment.
The funding announcement is the latest from the Tata Steel/Port Talbot Transition Board, which has now announced £80 million to fund skills training for workers and regeneration projects as Tata Steel carries out its transition to electric arc steelmaking. Secretary of State for Wales Jo Stevens said the new fund is a powerful example of what can be achieved when government and business work together to deliver for communities.
Tata Steel UK’s Head of Public Relations Tim Rutter said the company is delighted to support the new fund, which will draw in further investment, providing jobs and opportunities for people across the area. The Welsh Government Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, welcomed the new fund, saying it will support economic growth and deliver real and lasting benefits and local job opportunities in communities such as Port Talbot.
The UK Government has committed £2.5 billion of investment to rebuild the UK’s steel industry for decades to come as it decarbonises. This is in addition to the £500 million allocated to Tata Steel in Port Talbot for an electric arc furnace, which recently received planning approval with construction due to begin in the coming months. The new fund will build on this momentum, helping local people by supporting the creation of high-quality jobs, encouraging business growth, and attracting new investment to secure a strong economic future for Port Talbot.
Overall, the new fund is a significant investment in the local economy and will help to create a strong and sustainable future for Port Talbot. The engagement process with local businesses will ensure that the fund is tailored to meet their needs and will have the greatest possible impact on the local economy. With the support of the UK Government, Tata Steel UK, and the Welsh Government, the fund has the potential to make a real difference in the lives of local people and help to create a prosperous and thriving community.