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| Taxpayer money may help rescue Port Talbot, says Sajid Javid | Taxpayer money may help rescue Port Talbot, says Sajid Javid |
| (35 minutes later) | |
| The UK government could “co-invest” alongside any potential buyer for the Port Talbot steelworks, the business secretary, Sajid Javid, has said. | The UK government could “co-invest” alongside any potential buyer for the Port Talbot steelworks, the business secretary, Sajid Javid, has said. |
| Javid’s comments to MPs in the House of Commons on Monday afternoon are the first firm indication that the government could pump taxpayer money into Port Talbot, having previously all but ruled out any form of nationalisation. | Javid’s comments to MPs in the House of Commons on Monday afternoon are the first firm indication that the government could pump taxpayer money into Port Talbot, having previously all but ruled out any form of nationalisation. |
| Related: Tata Steel deal saves 4,400 jobs in UK | Related: Tata Steel deal saves 4,400 jobs in UK |
| The business minister said the government was considering “co-investing with a buyer on commercial terms” to help save the plant, which employs 4,000 people. | The business minister said the government was considering “co-investing with a buyer on commercial terms” to help save the plant, which employs 4,000 people. |
| He added that Port Talbot’s owner Tata Steel had been “seriously considering a complete closure” until the government intervened to convince the firm to hold out for a buyer. | He added that Port Talbot’s owner Tata Steel had been “seriously considering a complete closure” until the government intervened to convince the firm to hold out for a buyer. |
| However, Javid’s opposite number, Labour’s Angela Eagle, said the government had “been found wanting”, adding that Tata’s decision to wait for a buyer was not down to Javid but “the hard work of the steel unions and the plant management”. | However, Javid’s opposite number, Labour’s Angela Eagle, said the government had “been found wanting”, adding that Tata’s decision to wait for a buyer was not down to Javid but “the hard work of the steel unions and the plant management”. |
| She also urged Javid to do more to help British steelmakers, such as ensuring that government contracts to buy steel are given to UK firms. | She also urged Javid to do more to help British steelmakers, such as ensuring that government contracts to buy steel are given to UK firms. |
| Javid said Eagle’s comments amounted to “cheap political shots”, adding that the government was taking action to help the steel industry, including exemptions on green taxes. | Javid said Eagle’s comments amounted to “cheap political shots”, adding that the government was taking action to help the steel industry, including exemptions on green taxes. |
| “Let me be clear, we haven’t ruled anything out,” said Javid, before adding that “nationalisation is rarely the answer”.He said the government’s role was more likely to involve intervention on “power supply, pensions and other areas such as infrastructure”. | “Let me be clear, we haven’t ruled anything out,” said Javid, before adding that “nationalisation is rarely the answer”.He said the government’s role was more likely to involve intervention on “power supply, pensions and other areas such as infrastructure”. |
| Asked to clarify what he meant by “co-invest”, Javid said: “I’ve said that to demonstrate that when we say we will look at all the options, we really will look at all options. | |
| “It’s possible someone might come forward and ask for funds from government in lots of different ways. | |
| “It has to be on commercial terms.” | |
| Roy Rickhuss, general secretary of steelworkers’ union Community, said Javid’s comments sent “the right signal to potential investors” but said the business minister should explain what he meant. | |
| “Mr Javid should bring forward further details of what ‘co-investment’ would look like and share his plans with the unions so we can ensure that the best interests of steelworkers are upheld,” he said. |