Jessica O'ConnorA new £11.78m fund has been unveiled to help businesses in Port Talbot and the surrounding area grow, create high-quality jobs, and attract long-term investment.
The Economic Growth and Investment Fund, announced by the Tata Steel / Port Talbot Transition Board, aims to support companies that offer skilled, well-paid employment aligned with the talents of the local workforce.
Funded jointly by the UK Government (£6.78m) and Tata Steel UK (£5m), the initiative is designed to complement existing efforts by the Welsh Government and Neath Port Talbot Council to strengthen the local economy and respond to the region’s industrial transition.
To ensure the funding delivers the maximum benefit, a period of engagement with local businesses will begin ahead of the fund’s opening for bids in the autumn.
This consultation phase will inform the fund’s final design, making sure it reflects the needs of employers and helps unlock long-term economic growth, job creation, and private investment. Following the engagement process, the fund will be subject to business case approval by the UK Government.
Secretary of State for Wales Jo Stevens said: “This new fund is a powerful example of what can be achieved when government and business work together to deliver for communities.
“Backed by over £11.7m, it will help local businesses grow, create high-quality jobs and attract more new investment to Port Talbot.
“This announcement marks the full allocation of the UK Government’s £80m contribution to the Transition Board – all delivered in less than a year.
“It’s a clear demonstration of this government’s determination to act swiftly and decisively in support of Port Talbot and its steelmaking community, ensuring that funding reaches the people and businesses who need it most.
“We said we would back the steelworkers of Port Talbot, their families and businesses dependent on Tata Steel and we have delivered on that promise.”
Tata Steel UK’s Head of Public Relations Tim Rutter said: “We are delighted to support this new Economic Growth and Investment Fund from our £20m commitment to the Transition Board. Local businesses play a vital role in the growth and economic prosperity of the region, and we are confident this fund will draw in further investment, providing jobs and opportunities for people across the area.
“We continue to be committed to supporting those individuals impacted by our business transformation, and this fund will complement the existing support services that we have put in place, in addition to the most generous voluntary redundancy package in the company’s history.
“We look forward to working with our partners on the Transition Board, trades unions, local businesses and the community to ensure this fund has a positive impact.”
Welsh Government Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, also welcomed the announcement.
She said: “Delivery is the Welsh Government’s watch word. Working in partnership with the UK Government, local authorities, trade unions and businesses, we are supporting economic growth today and actively shaping its future direction for tomorrow.
“We are also ensuring that cross-government investments such as Freeports and Investment Zones align with Welsh priorities and deliver real and lasting benefits and local job opportunities in communities such as Port Talbot.”
