UK Steel responds to National Wealth Fund announcement after £2.5bn commitment in Labour manifesto
The Chancellor Rachel Reeves and the Business Secretary, Jonathan Reynolds, alongside Secretary of State for the Department for Energy Security and Net Zero Ed Miliband, have today announced the new National Wealth Fund. The plans will align key institutions that will boost growth and unlock investment.
Commenting on the announcement, UK Steel Director General, Gareth Stace, said:
“UK Steel is looking forward to working with the new Government to strengthen UK steelmaking for the benefit of our nation. The Government has put the steel sector forward as a key pillar for its industrial strategy, demonstrating how a government-industry partnership can build our renewable energy capacity and enable growth, which delivers highly skilled and well-paid jobs.
“The commitment to spend £2.5 billion on steel as part of the National Wealth Fund will be hugely significant in rebuilding UK steelmaking. Developing a competitive business environment and making the UK a desirable place to invest in goes hand-in-hand with this. Steel can be the backbone of a strong and successful British economy. We believe this new Government can make this happen.”
Contact details
Louise Young, Campaigns and Engagement Manager, UK Steel
07388 370176 | Lyoung@makeuk.org
About UK Steel: UK Steel is the trade association for the UK steel industry. It represents all the country’s steelmakers and most downstream steel processors.
The UK steel sector:
- Produces 5.6Mt of crude steel a year, around 70% of the UK’s annual requirement (annual demand of 7.6Mt in 2023)
- Employs 33,700 people directly in the UK and supports a further 42,000 in supply chains
- The median steel sector salary is £37,315, 26% higher than the UK national median and 35% higher than the regional median in Wales, and Yorkshire & Humberside where its jobs are concentrated
- Directly contributes £1.8 billion to UK GVA and supports a further £2.4 billion
- Directly contributes £3.4 billion to the UK’s balance of trade 96% of steel used in construction and infrastructure in the UK is recovered and recycled to be used again and again.
For further information about the steel industry, please see the UK Steel Election Manifesto, 2024 press pack, Why the UK needs a strong steel sector or the 2024 UK Steel Key Statistics report.