Closing post
Time to wrap up:
The number of people going financially insolvent across England and Wales jumped by 12% in January compared with the same month a year earlier, according to Insolvency Service figures.
More businesses also failed, with analysts warning that high taxes and a slow economy could lead to more insolvencies through this year.
Thames Water has avoided collapse, with a high court judge today giving approval for up to £3bn of high-cost borrowing.
But campaigners are vowing to fight the decision – arguing that Thames should be put into a special administration. A rival group of creditors who had pushed an alternative package are also planning to appeal.
Elsewhere in economics, UK wage growth accelerated at the end of last year – with total pay rising 6% in October-December.
Bank of England governor Andrew Bailey, though, has insisted that this doesn’t change the BoE’s view of the economy.
UK energy customers have been warned that bills are likely to jump by 5% in April, when the price cap is next adjusted.
Steel giant Tata hails planning approval for Port Talbot plans
Steel giant Tata has welcomed planning approval for its proposals for huge changes to steelmaking at its biggest plant.
Neath Port Talbot Council’s planning committee gave the go-ahead at a meeting on Tuesday to the way steel is produced at the South Wales site.
Tata has closed blast furnaces and is switching to an electric arc furnace-based steelmaking process which is greener, but needs fewer workers.
Almost 2,000 jobs will be lost, although the company and the Government have announced plans to help find new jobs for those affected and Tata says thousands of jobs will be preserved.
Rajesh Nair, chief executive of Tata Steel UK, said:
“We are very pleased to have secured approval to build sustainable steelmaking in Port Talbot.
“Amidst a challenging global market, this is a significant milestone for the project and we are committed to begin large-scale work on site this summer, ahead of the Electric Arc Furnace starting up from the end of 2027.
“This £1.25 billion investment is the most significant investment made in the UK steel industry in decades.
“The facility will secure high-quality steel production, preserve thousands of jobs, and safeguard steel making in Port Talbot for generations to come.”
The closure of the last blast furnace at Port Talbot last year has led to job losses and higher rates of mental illness, with unions warning that for every job that goes in the steel plant, about three or four jobs are supported in the wider community.
