UK’s opposition party Labour has stated that it promises to invest up to £3 billion over the coming decade to help the UK’s steel industry to achieve decarbonization target.
According to the party’s statement, Labour party’s plan to back the industry would support businesses, workers, and unions together to put UK steel at the heart of national industrial strategy.
Labour stated that the governments around the world are committing to their domestic industries with long-term strategic investment in green steel production, while the Conservative party have failed to invest in the green transition, have attempted to weaken safeguards that protected steelmakers from being undercut by cheap steel imports and have splashed tens of millions on imported steel to build British schools and hospitals.
The party committed to invest £28 billion every year on developing new jobs and tackling climate change, if it wins the next election, according to the media reports.