Port Talbot - With 4,000 jobs at the works and 6,600 up the supply chain today's deal is good news - IPPR

Mathew Lawrence, IPPR research fellow on the economy and co-author of a report on the Britain’s foundation industries, responding to news a deal has been reached to secure the future of Part Talbot steel works, said:

“With 4,000 jobs at the steel works and as IPPR research showed a potential further 6,600 up the supply chain, today’s deal to secure the future of the steel works is good news and is a testament to the hard work and long-termism of the trade unions and management involved.

“Foundation industries like steel produce the materials that underpin a 21^st Century economy, from advanced manufacturing to the low carbon sector to construction.

“Retaining steel capacity in the UK will strengthen the UK’s emerging industrial strategy that is trying to build a better post-Brexit economy that works for everyone: higher exports, stronger productivity, and greater regional balance.”

Ends

Contact:

Kieren Walters 07921 403651 k.walters@ippr.org

Editor’s Notes:

1. Figures for supply chain job losses are based on IPPR analysis of ONS multipliers derived from 2010 ‘supply and use’ tables. Figures for employment are based on full-time equivalent jobs. Estimates of job losses up the supply chain are based on the assumption that output will fall as a result of job losses at the plant. As with all multipliers, these estimates will be subject to a margin of error. Further, these estimates do not take account of the fact that some people and suppliers will find business elsewhere, and that some affected suppliers and jobs will be located outside of the UK. They therefore represent estimates of gross job losses, not net.

2. IPPR has launched the Commission on Economic Justice, which aims to rewrite rules for the post-Brexit economy. It is a major two-year programme that will examine the challenges facing the economy and make practical recommendations for its reform, including on industrial strategy and corporate governance. The Commissioners include the Archbishop of Canterbury, TUC General Secretary, Chairman of John Lewis, CEO of Siemens UK, and many other leading figures.

3. IPPR’s report ‘Strong Foundation Industries’ can be found here: http://www.ippr.org/publications/strong-foundation-industries

4. IPPR aims to influence policy in the present and reinvent progressive politics in the future, and is dedicated to the better country that Britain can be through progressive policy and politics. With nearly 60 staff across four offices throughout the UK, IPPR is Britain’s only national think tank with a truly national presence.