Tata Steel's UK arm is seeking an estimated £500 million government financial package to survive through the coronavirus lockdown period, according to UK media reports.
Tata Steel, which owns the UK's largest steelworks in Port Talbot in Wales, is holding discussions with the Welsh government as well as the UK Treasury as it seeks the £50 million cap set on loans being offered under the UK''s Coronavirus Large Business Interruption Loan Scheme (CLBILS) to be lifted.
"We continue to have ongoing discussions with Tata Steel about what support it needs to sustain a strong steel making presence in the UK and in Wales," a Welsh government spokesperson said.
The Indian steel major employs 8,385 people in the UK, including about 4,000 people in Port Talbot and 2,800 in other parts of Wales.
"We continue to work with both the UK and Welsh governments to identify what support is available," a company statement said.
According to Sky News, the support sought is largely understood to comprise a commercial loan that would be repayable when demand for steel recovers.
The £500 million figure is said to be a "ballpark" estimate of the company''s funding need.
"The £50 million cap on loans that are now available under the government support scheme is only about 10 per cent of what Tata Steel actually needs," said Lbour MP Stephen Kinnock, whose constituents make up much of the steel workforce in Port Talbot.
"Tata Steel estimates that it will take around six months to get back to business as usual, or as close as possible to it and the challenge they have is cashflow over that six month period. And the estimation is in the region of £500 million," said Kinnock, who had also raised the issue in the House of Commons earlier this week.
Responding to him, first secretary of state Dominic Raab, who is standing in for British prime minister Boris Johnson while he recuperates, said that UK chancellor Rishi Sunak is looking “carefully” at the steel sector.
“All those who are not directly benefiting from this particular scheme (CLBILS) to ensure that in the round we are providing the measures that we need in a targeted way to support all the different crucial elements of the economy," Raab said.
London vacancies up 9 per cent in Q3 2025, with fintech roles already surpassing all of 2024’s recruitment.
AI positions offer salaries 20 per cent higher than non-AI roles, reflecting fierce competition for skilled professionals.
Near-shoring boosts junior roles in Belfast and Glasgow, but London dominates senior, strategic appointments.
Jobs soar
Artificial intelligence and financial technology are driving job growth in London’s financial sector, with vacancies up 9 per cent year-on-year in Q3 2025, according to Morgan McKinley’s latest Employment Monitor.
Mark Astbury, director at Morgan Mckinley , noted that fintech roles have proved particularly resilient, with companies advertising 6,425 positions already exceeding the entirety of 2024’s recruitment activity. Banks, consumer finance organisations, and ambitious startups are prioritising senior and strategic appointments, particularly in AI strategy, corporate finance, and technology leadership roles.
The rebound represents a marked reversal from Q2 2025, when trade tariff uncertainties prompted hiring freezes. Employers have now resumed delayed recruitment efforts, though the forthcoming UK Autumn Budget in November may yet influence hiring trajectories.
Notably, near-shoring trends are emerging, with regions including Belfast and Glasgow capturing junior-level roles. London, however, retains its stranglehold on high-value, strategic positions. Much now depends on the Autumn Budget and whether it reassures employers or adds further cost pressures that will set the tone for hiring into early 2026.
AI and tech talent
Forbes Advisor research reveals that 79 per cent of UK workers use generative AI at work, while 85 per cent are aware of AI language models like ChatGPT. However, 59 per cent of Brits express concerns about AI, with primary worries including skill loss, job displacement, privacy issues, and autonomous decision-making without human oversight.
The surge underscores London’s position as the United Kingdom’s preeminent hub for technology-driven financial services. Greater London now hosts 1,387 AI-focused enterprises, including heavyweight firms DeepMind and BenevolentAI, making the capital an irresistible draw for major financial institutions, fintech pioneers, and specialist tech firms seeking talent.
The labour market shift reflects wider structural changes within financial services. Automation is dampening demand for graduate and administrative roles, while AI-related positions command salaries approximately 20 per cent higher than comparable non-AI posts a premium reflecting intense competition for skilled professionals.
Investment underpins this expansion. The Government has committed £2.3 billion to AI initiatives since 2014, while companies increasingly deploy generative models and computer vision technologies to streamline operations, strengthen compliance, and innovate service delivery.
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