Davies presses Steel Minister for post-Brexit Tata assurances
Today Geraint Davies Labour MP for Swansea West pressed Anna Soubry Minister for Industry for assurances over the Government standing firm in respect of supporting Tata following the EU Referendum. Speaking after quizzing the Minister in the European Scrutiny Select Committee Geraint Davies MP said
"Sixty per cent of UK steel exports are to the EU so any prospect of trade tariffs imposed by the EU after Brexit is concerning to 6000 Swansea Bay steel workers.
"The fall in the pound after the vote may help exports but also increase the price of imported iron ore for British steel.
"Today I pressed the Minister that despite Brexit the Government will honour its pledge to take a 25 per cent equity share in Tata's British Steel business alongside any new buyer and to reassure workers that their pensions will be protected by the Government. This is important to workers, pensioners and prospective buyers at this time of huge uncertainty. I was pleased the Government intends to stand by its word despite the unwelcome uncertainties over EU taxes on our steel exports following the disastrous vote for Britain to leave the EU."