Rachel Reeves, the chancellor, has emphasized the importance of the steel sector in the UK economy ahead of an expected announcement from Tata Steel regarding the loss of 2,500 jobs at its Port Talbot plant. The government is set to confirm a £500m support package for a new electric furnace at the plant as well. However, the jobs are being cut due to the closure of the last blast furnace.
Reeves stated that the steel sector is crucial for the UK economy and highlighted the government’s partnership with businesses and trade unions to transition to green steel while also preserving jobs. She stressed the significance of the steel industry in the UK economy and mentioned that more details would be provided later in the day.
Meanwhile, the Conservative party has criticized the government’s early prisoner release scheme, describing it as a “mass amnesty” that is unnecessary. They argue that the prison system is congested due to the government’s decisions during the Covid pandemic, which prioritized safety for prisoners over the general population.
In other news, Keir Starmer is set to face PMQs as the latest figures show a stalling economy over the summer months. Reeves and Starmer have expressed their commitment to boosting economic growth, acknowledging the challenges ahead. The lack of growth for two consecutive months indicates the significant task at hand for the government in reviving the economy. Updates on the day’s agenda and key events are also outlined in the article.
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