The steel trade unions have welcomed the Government's consultation on changes to pensions law as part of efforts to save Tata Steel and called on the company to uphold its "legal, social and moral responsibilities" to steel workers.
In a combined statement, Community, Unite and GMB endorsed the move to avoid the "unmitigated disaster" of the British Steel Pension Scheme (BSPS) going into the financial safety net of the Pensions Protection Fund (PPF) with a sale of Tata's assets.
It is important that all stakeholders continue to explore all available options that avoid the need for the scheme to go into the PPF, which would be the worst deal for scheme members.
It is important to remember that Tata Steel remains the employer and sponsor of the BSPS. They have significant legal, social and moral responsibilities with regards to the British steel industry and those men and women who have worked and continue to work within it.
The Human Resources director for Tata Steel's European operations said the consultation would enable a "better outcome" for the vast majority of members of the BSPS.
We welcome the inclusion of an option to change the way that future payments in the scheme are increased. This option, which is fully supported by the pension scheme's trustees, provides a way for the scheme to continue to operate on a well-funded, low-risk basis indefinitely.
The British Steel Pension Scheme was set up on the basis that pension increases would be provided so long as they remained affordable. The proposed legislative changes would allow this unusual rule to operate as intended. That means it's unlikely that a regulatory change would affect other final salary pension schemes.
Business Secretary Sajid Javid has confirmed the Government is set to launch an "open consultation" on changes to pensions law as part of efforts to save Tata Steel despite being "very wary of setting a precedent".
The consultation, which will run until June 23, sets out a number of different options for the British Steel Pension Scheme and its 130,000 members.
The scheme includes 14,000 people currently employed by Tata or another employer, 32,000 are deferred (no longer employed by Tata but below the scheme's normal pension age) and 84,000 pensioners.
The Government has been warned against the impact of setting a precedent by seeking to change pension law.
"No decision (on Tata's future) has been made," Mr Javid told MPs. "We are very wary of setting a precedent ... this is very much about this scheme and this scheme only in these very unique circumstances."
Shadow business secretary Angela Eagle warned against cutting the fund's long-term liabilities by benchmarking it to the consumer price index (CPI) rather than the higher retail price index (RPI), saying: "This change is currently illegal."
Ministers are considering changes to pension laws in an attempt to persuade Tata abandon its planned sell-off.Read the full story ›
Hull is to get an extra £3 million to spend on it's year as UK City of Culture.
The money, which will come from the Heritage Lottery Fund, was announced at a breakfast gathering in Hull called to launch a series of events in the city this summer.
Martin Green, the man in charge of the city's cultural celebrations says it will mean a boost for local libraries.
A deal between Excalibur Steel UK and Liberty House to buy the Tata Steel UK operation is "completely untrue", ITV News Business Editor Joel Hills has been told.
"The suggestion that Stuart Wilkie is going to join the Liberty Steel bid is completely untrue" - Roger Maggs. Chairman, Excalibur Steel.
The "all-British bid" between the two companies was thought to have been to allow Excalibur access to what one source describes as "the deep pockets" of Liberty House, while in turn they would benefit from working closely with the team who have been seen as the front-runners from the outset of the sales process.
The rumour had emerged ahead of the planned Tata board meeting in Mumbai this week to whittle down the seven bids for the ailing steel operation.
The sale includes the huge Port Talbot plant and 15,000 jobs across the UK.
Government workers were on the picket line in Sheffield for a one day strike over the loss of 250 posts.
The staff from the Business, Innovation and Skills Department could lose their jobs with the posts relocating to London. Unions say there is no justification for the move.
96 percent of workers voted to strike over the move which the Government says the move is to reduce costs and modernise working practices.
We are not getting any rationale or reasoning that we think stacks up. It will cost money to move our jobs to London, it will lose key expertise on policy development and obviously and significantly will have a huge impact in terms of the community in Sheffield
The Board of Tata Steel Europe has announced that seven expressions of interest submitted for Tata Steel’s UK business, including its plants in South Yorkshire, have been immediately taken forward to the next stage of the sale process.
In addition, Tata Steel Europe is clarifying outstanding points with a number of other parties who have submitted an expression of interest.
We have been pleased with the response to the initial stage of the global sales process for Tata Steel’s UK business. Today’s announcement by Tata Steel Europe marks another important stage gate in this process. The expressions of interest received have been through a robust initial assessment process with inputs received from the UK Government whose views have been considered by the Board.
We believe that the bids being taken forward offer future prospects of sustainability for the UK business as a whole. The sales process will continue as announced earlier in an expedited and robust manner to deliver greater clarity for all key stakeholders such as employees, customers and suppliers.
Whilst the sales process continues, Tata Steel’s business in the UK under the new leadership team continues to focus on the business performance.
ITV News can reveal the number of potential buyers for Tata's steel business in the UK is more than double the previously known total.Read the full story ›
Prime Minister David Cameron has confirmed "a number of serious inquiries of interest into buying all of Tata" were received by yesterday's deadline.
He told PMQs that the government would now work with Tata Steel and potential buyers to "get that list down to those that are really seriously intending to bid for the business".