18 hours ago
- Business
- Business News Wales
£11.7m Fund to Boost Business Investment and Jobs at Port Talbot
A new £11.78 million fund will soon be available to businesses in Port Talbot and the surrounding area to help them grow, create high-quality jobs, and attract long-term investment.
The Economic Growth and Investment Fund is designed to support companies that offer skilled, well-paid employment opportunities that match the talents of the local workforce.
The fund includes £6.78 million from the UK Government and £5 million from Tata Steel UK and will complement the work of the Welsh Government and Neath Port Talbot Council to strengthen the local economy, the UK Government said.
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, aiming to ensure it meets the needs of businesses. Once engagement has been completed, the fund is then subject to business case approval by UK Government.
This funding announcement is the latest from the Tata Steel / Port Talbot Transition Board, chaired by Welsh Secretary Jo Stevens and including representatives from the UK and Welsh Governments, local authorities, unions and business.
Since its first release of funding in August 2024, it 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:
'This new fund is a powerful example of what can be achieved when government and business work together to deliver for communities. Backed by over £11.7 million, it will help local businesses grow, create high-quality jobs and attract more new investment to Port Talbot.
'This announcement marks the full allocation of the UK Government's £80 million contribution to the Transition Board – all delivered in less than a year. It's a clear demonstration of this government's determination to act swiftly and decisively in support of Port Talbot and its steelmaking community, ensuring that funding reaches the people and businesses who need it most.
'We said we would back the steelworkers of Port Talbot, their families and businesses dependent on Tata Steel and we have delivered on that promise.
Tata Steel UK's Head of Public Relations Tim Rutter said:
'We are delighted to support this new Economic Growth and Investment Fund from our £20 million commitment to the Transition Board. Local businesses play a vital role in the growth and economic prosperity of the region, and we are confident this fund will draw in further investment, providing jobs and opportunities for people across the area.
'We continue to be committed to supporting those individuals impacted by our business transformation, and this fund will complement the existing support services that we have put in place, in addition to the most generous voluntary redundancy package in the company's history.
'We look forward to working with our partners on the Transition Board, trades unions, local businesses and the community to ensure this fund has a positive impact.'
Welsh Government Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans said:
'We welcome the new Economic Growth and Investment Fund.
'Delivery is the Welsh Government's watch word. Working in partnership with the UK Government, local authorities, trade unions and businesses, we are supporting economic growth today and actively shaping its future direction for tomorrow.
'We are also ensuring that cross-government investments such as Freeports and Investment Zones align with Welsh priorities and deliver real and lasting benefits and local job opportunities in communities such as Port Talbot.'
Neath Port Talbot Council Leader, Cllr Steve Hunt said:
'This announcement marks another major milestone in our response to a period of significant change for the local economy of the Port Talbot area.
'A key aim for us as a council is to create more secure, green, and well-paid jobs and to develop the skills required for these roles. As such we are working hard to meet the current challenges and to move beyond these to future economic growth.
'Working alongside our Transition Board partners we will soon be engaging the local business community to ensure we make the most of the opportunity that this funding presents.'
