Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what assessment he has made of the potential impact of the Autumn Budget 2024 on the steel sector.

The Budget has made a positive impact on the steel sector by confirming the funding required for work to begin on the new Electric Arc Furnace at Port Talbot. This £500 million grant not only secures the future of steelmaking in south Wales and up to 5,000 jobs but also ensures workers have enhanced support during the transition period.

More widely, after the budget, the National Wealth Fund is now in a position to consider funding propositions for investments in steel.