I attended a public meeting in the Twelve Knights about advice given to members of the British Steel Pension Scheme to transfer out of their final salary pension. Steelworkers were exposed to opportunistic and unscrupulous advisers who swooped in like vultures, exploiting the situation for their own financial gain. Continue reading
NOTIFICATION OF A PUBLIC MEETING FOR ALL THOSE WHO FEEL THEY MAY HAVE BEEN MIS-SOLD A PENSION TRANSFER IN AND AROUND PORT TALBOT Stephen Kinnock MP is attending a public meeting at the Twelve Knights Hotel in Margam, Port Talbot at 1530 on 1 Feb 2019 to discuss fresh and emerging concerns surrounding financial advice given to members of the British Steel Pension Scheme (BSPS) to transfer out of their final salary pension. Concerns have been highlighted by the Regulator, the Financial Conduct Authority (FCA), which conducted a major review last year and found that the majority of cases to transfer out of a final salary pension were unsuitable. Continue reading
It was amazing to be shown around the iconic Blast Furnace No 5 at Tata Steel. Vital repair work to extend the life of the blast was being carried out by a dedicated team, so there was a short window of opportunity to go inside the blast furnace and see the fascinating work that was being done. The work is incredibly complex and difficult but it's crucial work which will make such a difference to the steelworks. This £46 million investment is critical for the future of the works and for Aberavon. Continue reading
It was great to visit the steelworks in Port Talbot and wonderful to see the timeline of the history of the site dating back to 13th century, followed by visit to Concast & the BOS plant. There is a long tradition of steel making in Port Talbot and the timeline shows the centuries of development of the steel making industry and how integral it is to the town. It was a real privilege to see the highly skilled workforce delivering an outstanding product for British industry. Continue reading
The British steel industry is hobbled by punitive energy costs (far higher than in Germany, France & Netherlands). In January 2017 the all party group on Steel produced 'Steel 2020', with recommendations on how to reduce costs. Claire Perry promised she'll read it. Looking forward to her feedback! Continue reading
During a Westminster Hall debate, secured by my colleague Anna Turley, I called the closure of the blast and coke ovens in Redcar an action of industrial vandalism which led to the loss of a strategic asset for our country. Continue reading
South-west Wales MPs, AMs and Council leaders condemn UK Government for 'betraying the people of Wales' by failing to back the tidal lagoon.
A powerful grouping of politicians from across the South-West Wales area has today expressed its deep disappointment at the announcement that the UK government will not back the lagoon. In a joint statement, the representatives said: “This news is devastating for the Swansea Bay Region. “After months of the UK Government prevaricating on this decision, and more than a year after the Hendry Review backed the project, once again the UK Government has failed on its duty to support the communities of South-West Wales, and has yet again betrayed the people of Wales. “The lagoon required the Government to be bold and back a pathfinder project that would promote energy self-sufficiency, re-balance the economy, and create jobs across the UK, addressing disparities in national productivity. “Giving the lagoon the green light would have been a massive boost to the economy of the area, especially at a time when the region is reeling from job losses at Virgin Media and dark clouds are gathering over steel jobs thanks to President Trump and his tariffs. “We are all too familiar with this story from a Tory Government who have failed to stand up for steel and failed to deliver on rail electrification west of Cardiff. "The Conservative Secretary of State for Wales has presided over the removal of electrification money of £400m-£700m - depending on whose figure you use - and has now failed to support £1.3bn for the tidal lagoon. That’s £2bn he has ripped away from the South Wales economy, killing jobs, and denying opportunities to families and communities in South Wales. “Yet again it was left to the Welsh Labour Government to attempt to pick up the pieces, just as they did with the steel crisis, and to make an offer of support which has fallen on deaf ears. “This is a project that would have played directly into the UK Government’s Industrial Strategy, which makes the decision to reject it all the more short-sighted and irrational. "The UK Government needs to rethink this decision and back the lagoon, because in doing so they would be investing in the local area, delivering jobs, clean energy and real opportunity to the Swansea Bay Region.” “This whole sorry tale does also raise serious questions about whether Alun Cairns should continue as Secretary of State for Wales. Mr Cairns is supposed to be the voice of Wales in the cabinet, standing up for our interests and fighting our corner. But this announcement on the lagoon today confirms that absolutely nobody is listening to him, and he should therefore consider his position.” The first of its kind in the world, the Swansea Bay Tidal Lagoon would produce enough energy to power 150,000 Welsh homes for 120 years, sustain over 2,000 construction and manufacturing jobs in Wales, and support as many as 311 industrial and manufacturing businesses along the supply chain. It would deliver £8 million in tourism revenue, and the project would require more than 100,000 tonnes of steel, much of which would come from the Port Talbot steel works, with further jobs downstream making the component parts. Issued jointly by: Tonia Antoniazzi MP for Gower Geraint Davies MP for Swansea West Nia Griffith MP for Llanelli Carolyn Harris MP for Swansea East Stephen Kinnock MP for Aberavon Christina Rees MP for Neath Jeremy Miles AM for Neath Rebecca Evans AM for Gower Mike Hedges AM for Swansea East Julie James AM for Swansea West David Rees AM for Aberavon Lee Waters AM for Llanelli Cllr Rob James Leader of Carmarthenshire Labour Group Cllr Rob Jones Leader of Neath Port Talbot Council Cllr Rob Stewart Leader of Swansea Council For further comment from any of the above please contact the office of that individual.
I asked the Trade Secretary what steps he is taking to appeal to the US Congress members whose states will be most affected by the inevitable job losses that Trump's tariffs will cause, & whether he will address the APPG on steel on the wider actions he is taking Continue reading
Commenting on confirmation from Donald Trump’s Commerce Secretary Wilbur Ross that 25% tariffs are to be placed on British steel imports to the USA - commencing 1st June 2018 - Stephen Kinnock, MP for Aberavon, home of the Port Talbot steelworks, said: Continue reading
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