Iron and Steel: Finance
(asked on 1st September 2026) - View Source
Question to the Department for Business, Innovation, Science and Trade:
To ask the Secretary of State for Business, Innovation, Science and Trade, as of August 2026, how much of the £2.5 billion steel fund has been A) spent and/or B) allocated.
Answered by
Blair McDougall
Parliamentary Under-Secretary of State (Department for Business, Innovation, Science and Trade) (Jointly with the Department for Energy Security and Net Zero)
The Government is providing up to £2.5bn to support the UK steel industry, in addition to the £500m grant to Tata Steel in Port Talbot. This is being delivered through a combination of direct support for steel companies and the National Wealth Fund.
The Department for Business, Innovation, Science and Trade is not running a competitive steel fund and has not sought or received applications from steel companies of this nature. Companies seeking investment can contact the National Wealth Fund.