US EditionUK government has so far set aside £94mn to cover British Steel rescue
- Since assuming management of the Scunthorpe steelworks in April 2025, the UK government has allocated £94 million in support of British Steel.
- Following Jingye's decision to close Scunthorpe's blast furnaces and initiate redundancy talks, the government enacted special legislation granting it authority to intervene, keep the plant operational, and ensure employees continued receiving their wages.
- The government chose this path over a direct £1.2 billion investment or allowing a total collapse, which would have cost well over £1 billion to the taxpayer.
- Business Secretary Jonathan Reynolds stated this approach is 'considerably less' costly and called Labour the only party trusted to protect British workers and industry.
- The rescue marks a key step in transitioning the steel sector toward low-carbon production amid wider industrial changes but draws criticism over funding fairness compared to Welsh steelworks.
16 Articles
16 Articles
Government Has Spent £94 Million on British Steel So Far, Minister Confirms
The government has spent £94 million on British Steel since taking control of the Scunthorpe steelworks last month, a minister has confirmed. Business Secretary Jonathan Reynolds told the House of Commons on Thursday that this figure is “considerably less than if we had given a large amount of money to Jingye, or if we had had to deal with the complete loss of the entire British Steel site and business.” He said that the working capital which ha…
Financial Times
WDC TV NewsUK government has so far set aside £94mn to cover British Steel rescue
Critics warn costs could spiral into billions
South Wales Argus
First minister under fire over ‘betrayal’ of steel workers
Wales’ first minister came under fire over the UK Government’s decision to step in to save Scunthorpe steelworks after failing to do the same in Port Talbot.
First Minister attends CBI Wales annual lunch
The First Minister Eluned Morgan MS addressed over 200 business leaders, politicians and other stakeholders at the CBI Wales Annual Lunch in Cardiff yesterday (Thursday 1 May). The event, sponsored by FOR Cardiff, the Business Improvement District (BID), and Blaenavon-based GOS Tool & Engineering, took place at the Parkgate Hotel as part of the CBI’s 60th anniversary celebrations. Guests also heard from Russell Greenslade, the new Director of CB…
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