The UK government is set to cut steel import quotas and raise tariffs to protect its domestic industry. The move comes as part of a strategy to prevent long-term de-industrialisation and a global shortage of cheap steel. The government will reduce the amount of steel imported without incurring tariffs by 60% and will introduce a 50% tariff, double the previous 25%. The National Wealth Fund will make up to 2.5 billion pounds ($3.33 billion) available to fund investment in the sector, up from the current target of 30%. The move is aimed at ending the decades-long decline of steel manufacturing in the UK, accounting for 0.1% of UK economic output in 2025.