UK Government to invest £200 million in Grangemouth, says Starmer

The UK Government will provide an extra £200 million of funding for Grangemouth as the oil refinery in the area is set to close.

Speaking at the Scottish Labour conference on Sunday, his first since taking office, Prime Minister Sir Keir Starmer pledged the cash from the National Wealth Fund, which he said would be an “investment in Scotland’s industrial future”.

“We will grasp the opportunities at Grangemouth, work alongside partners to develop viable proposals, team up with business to get new industries off the ground and to attract private investors into the partnership we need,” he said.

“We will allocate £200 million from the National Wealth Fund for investment in Grangemouth.

“An investment in Scotland’s industrial future, that’s the difference a Labour Government can make because we all know what happens if we don’t win this race, it’s written into the fabric of every community in this nation, the skilled jobs that disappeared, the communities that lost their place in the world.

“Not just the security and dignity of their work, not just their pride and purpose, their identity.”

The funding will help to plan the future of the site, with the refinery due to transition into an import terminal in the coming months, risking as many as 400 jobs.

According to to the Scotland Office, the cash will be available for “co-investment” with the private sector to look at long-term options for the site.