54 h. ago Ministers said to be considering bill to wipe out British Steel’s debts

Chinese owner owed almost £1bn as government weighs up how best to attract buyer for Scunthorpe worksBusiness live – latest updatesMinisters are reportedly considering legislation to relieve British Steel of debts, which have risen to nearly £1bn, as the government considers how best to prepare the Scunthorpe steelworks for sale.The government took control of the business last month after it said that its Chinese owner, Jingye Steel, planned to close the plant within days. The effective takeover required emergency legislation passed in a historic recall of parliament. Continue reading...

Politics

62 h. ago UK weighs bill to wipe out debts British Steel owes to Chinese parent

Controversial plan to ‘shake off’ nearly £1bn owed to Jingye and related companies could ease a sale, officials say

Economics

9 d. ago Government ‘confident’ it has supplies to keep British Steel blast furnaces lit

Union officials also said they are ‘hopeful’ that the coal and iron ore required at the North Lincolnshire works will arrive within the next 48 hours.

Politics

9 d. ago Donald Trump pressures Britain into cutting Chinese ingredients from UK

The landmark UK-US trade pact slashed tariffs on British steel and car exports but at a cost it seems - and this include some strict national security measures

Events

2 w. ago Trump confirms ‘full and comprehensive’ trade deal with UK – US politics live

US president hails ‘first announcement’ of trade agreement and says ‘many other deals to follow’Downing Street said the British prime minister Keir Starmer would make a statement on trade talks with the US on Thursday.The agreement is likely to focus on lowering US tariffs on specific products, such as British steel, aluminium and cars.The prime minister will always act in Britain’s national interest – for workers, for business, for families.The United States is an indispensable ally for both our economic and national security.The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come.Because of our long time history and allegiance together, it is a great honor to have the United Kingdom as our FIRST announcement. Continue reading...

Politics

2 w. ago British Steel to hire more workers for first time after government intervention

Ministers used emergency powers to take control of British Steel and continue production at the site

Politics

2 w. ago British Steel begins recruitment drive for first time since Government rescue

The firm is seeking 180 new employees.

Events

2 w. ago UK business activity falls for the first time since October 2023 as trade tensions hurt economy, and car sales slide – business live

Rolling coverage of the latest economic and financial newsTrump’s foreign film tariffs could ‘wipe out’ UK movie industry, ministers toldCar sales across the UK fell by over 10% last month, compared to a year ago.New industry data shows that 120,331 new vehicles were registered in April, 10.4% fewer than in April 2024.In what is traditionally a quieter month following the March plate change, volumes were also impacted by the late timing of Easter, resulting in fewer working days.In addition, the implementation of VED changes affecting all new cars, including the Expensive Car Supplement which became applicable to many new EVs from 1 April, pushed transactions into March as shrewd buyers got ahead of the tax increases. Continue reading...

Economics

2 w. ago UK car sales drop 10% in April; Ford predicts $1.5bn profit hit from Trump tariffs – business live

Rolling coverage of the latest economic and financial newsTrump’s foreign film tariffs could ‘wipe out’ UK movie industry, ministers toldCar sales across the UK fell by over 10% last month, compared to a year ago.New industry data shows that 120,331 new vehicles were registered in April, 10.4% fewer than in April 2024.In what is traditionally a quieter month following the March plate change, volumes were also impacted by the late timing of Easter, resulting in fewer working days.In addition, the implementation of VED changes affecting all new cars, including the Expensive Car Supplement which became applicable to many new EVs from 1 April, pushed transactions into March as shrewd buyers got ahead of the tax increases. Continue reading...

Economics

2 w. ago China’s service sector hit by trade war; Ford predicts $1.5bn profit hit from Trump tariffs – business live

Rolling coverage of the latest economic and financial newsTrump’s foreign film tariffs could ‘wipe out’ UK movie industry, ministers toldAmerican children face paying higher prices for Barbie dolls due to the Trump tariffs on imports.Mattel, the toy manufacturing giant, revealed last night that it plan to raise prices on American toys due to tariffs, and is also looking to move some manufacturing out of China.Accelerating diversification of its supply chain and further reducing reliance on China-sourced product,Optimizing product sourcing and product mix, andWhere necessary, taking pricing action in its U.S. business.In an uncertain macro environment that has intensified due to the potential impact of tariffs, we are focused on what we can control.We are improving our supply chain agility, taking decisive cost actions to mitigate financial impact where possible, and ensuring we can continue to serve our customers and consumers. Continue reading...

Economics

2 w. ago 'I missed my son's 12th birthday to save Britain's steel industry'

The Manchester Evening News speaks to the man at the centre of the race to save British Steel and deal with Trump's tariffs and a global trade war

Politics

3 w. ago UK government has so far set aside £94mn to cover British Steel rescue

Critics warn costs could spiral into billions

Events

3 w. ago Almost £100 million spent on British Steel nationalisation so far, minister says

Jonathan Reynolds said the £94 million spent on the Scunthorpe site is ‘considerably less’ than allowing its collapse.

Economics

3 w. ago Ed Balls and Richard Tice clash as Reform MP fails to answer question 12 times

Former shadow chancellor Ed Balls and Reform UK MP Richard Tice clashed on Good Morning Britain on Wednesday (30 April), after the latter failed repeatedly to give a cost estimate for nationalising British Steel.

Events

3 w. ago UK took control of British Steel before assessing costs to taxpayers, letters show

‘Ministerial direction’ raises questions over the price of saving country’s last two blast furnaces

Economics

3 w. ago UK took control of British Steel before assessing cost to taxpayers, letters show

‘Ministerial direction’ raises questions over the price of saving country’s last two blast furnaces

Economics

3 w. ago Support for UK industry ‘cannot stop at the border’ – Swinney

Mr Swinney will address the Scottish Trades Union Congress (STUC) Annual Congress on Monday.

Politics

3 w. ago ‘Sigh of relief’ as British Steel shipments bring lifeline to industry on the brink

It comes after ministers used emergency powers to take control of British Steel after what was thought to be a Chinese plot to sabotage the plant

Politics

3 w. ago Fuel for blast furnaces and iron ore supplies arrive at British Steel

55,000 tonnes of blast furnace coke have arrived in the UK to fuel the furnaces, and shipments of iron ore are soon to arrive.

Politics

3 w. ago British Steel update as shipment of vital materials arrives to keep plant going

Ministers have been battling to keep the furnaces burning at British Steel's Scunthorpe site

Politics