Welsh Economy Minister Edwina Hart has said that business rates could be cut in a move to aid the steel industry in Wales.

The MP for Gower made the pledge at a ‘crisis summit’ in Cardiff in front of industry leaders and union bosses. However, she said that the change would depend on budget priorities and EU rules.

“I will look at the cost of cutting business rates, and the reality of whether I am able to do it.” According to figures from the BBC, Tata Steel has been losing around £1 million a day in Wales.

The company recently revealed plans to mothball some operations at its works in Llanwern, and there are fears that 250 jobs could go.

Ms Hart added: “We have to look very carefully at our budget, because we cannot spend more than we have coming in on business rates. We also have to ensure that we will not be told we are unfairly helping an industry that is subject to stringent European Union restraints.”