Coronavirus: UK government draws up plan to rescue key firms
that Tata Steel, Britain's biggest steel producer, had approached both the Welsh and UK governments for financial aid that could run into hundreds of millions.Tata Steel says there has been a sudden drop in European steel demand, and is urgently seeking government assistance
Earlier this week, Welsh MP Stephen Kinnock told parliament that Tata Steel, which owns the steelworks in Port Talbot, needs around £500m in order to survive the pandemic. And according to the Financial Times, aviation industry bosses have been asking the government for a"long-term investment facility" that would help to support supply chains.
Jim O'Neill, former Treasury minister and ex-chief economist at Goldman Sachs, told the newspaper he has been in discussion with government officials about creating a public sector-owned funding body to take stakes in firms that would be"inherently stable" in times of normal economic activity.- deferring tax payments such as VAT and business rates, and paying over eight million workers' wages through the furlough scheme, which has been extended until 31 July.
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