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World

UK to slash pension benefits to save Tata - reports

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Opening sequence

World

UK to slash pension benefits to save Tata - reports

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COMING UP:UK to slash pension benefits to save Tata - reports

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Transcript

00:00:01
>> Westminster to slash Tata's pension benefits in a bid to save its UK operations according to reports. Tata's 485 million paid pension liabilities so far a turn off for potential buyers. But the government is expected to announce an overhaul of the scheme on Thursday. Business secretary Sajid David determined to find a buyer for the 11 UK plants.
00:00:27
Hundreds of steelworkers march passed Downing Street on Wednesday putting pressure on the government to secure deals.>> Save our steel!>> Some 15,000 jobs are on the line, but falling prices, high costs, and cheap Chinese imports mean it's a hard time to sell. The Port Talbot Plant alone is losing an estimated one million pounds a day.
00:00:48
Sources tell reuters at least 4 bids have been submitted. These workers hopeful one of them is successful.