I welcome the Labour Party’s commitment to a £3bn Steel Renewal Fund as part of a long-term funding guarantee to the sector over the next decade. Speaking at Labour Party Conference on Saturday, Shadow Business Secretary Ed Miliband has confirmed that a future Labour government would work with the industry to meet up to half of the costs of helping the industry roll out capital investment in new steel processing equipment.
Ed Miliband also pledged the party’s support to help steel manufacturers in the UK “win the global race” to decarbonise over the next decade.
I very much welcome this announcement from Ed Miliband, which demonstrates clearly that Labour recognises the strategic importance of our steel industry and the skillsets and expertise that are there to be harnessed in communities like ours in Newport East and South Wales. This announcement puts pressure on the government to follow Labour’s lead in placing steel where it belongs – at the heart of a dynamic, forward-looking national industry strategy.
As I have said before, there can be no national economic recovery from the pandemic without a strong and healthy steel industry – I am pleased that the Labour Party wholeheartedly acknowledges this and its time the Tory Government did the same.
Notes to editor:
You can read Ed Miliband’s speech to Labour Party Conference in full here: https://labour.org.uk/press/conference-speech-ed-miliband-shadow-business-energy-and-industrial-strategy/