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British Steel on the brink of collapse – with 25,000 jobs at risk

British Steel on the brink of collapse – with 25,000 jobs at risk

Business
Britain's second-largest steel producer is on the brink of collapse amid growing signs that an emergency government loan would fail to materialise, putting a total of close to 25,000 jobs at risk.Sky News has learnt that British Steel, its lenders and Whitehall are preparing for an insolvency to take place within 48 hours, with EY expected to be formally appointed as administrators on Wednesday unless a deal is struck by Tuesday afternoon. If last-minute talks fail to secure a solvent deal, British Steel's collapse could result in more than 4,000 redundancies at its giant Scunthorpe steelworks, job cuts at its other sites, and as many as 20,000 more jobs in its supply chain also jeopardised by the crisis. Image: The company was seeking a taxpaye...
British Steel begs for taxpayer funds to avert collapse

British Steel begs for taxpayer funds to avert collapse

Business
Ministers are drawing up secret contingency plans for the collapse of British Steel amid a fresh funding crisis that could trigger thousands of job losses at its plant in Scunthorpe and intensify fears about the entire industry's future.Sky News has learnt that ‎insolvency experts have been placed on standby in case the UK's second-largest steel producer cannot secure tens of millions of pounds to see it through the coming months. The contingency plans are being drawn up as the company seeks a further loan of up to £75m from the government.A financial support loan on commercial terms was agreed in outline with Whitehall as part of a broader package announced earlier this month, insiders claimed on Tuesday.However, the second part of the deal was supposed to have been finalised by the end o
British PM Theresa May sacks Defense Secretary Gavin Williamson over 5G leak

British PM Theresa May sacks Defense Secretary Gavin Williamson over 5G leak

World
May 1 (UPI) -- British Prime Minister Theresa May fired Defense Secretary Gavin Williamson on Wednesday over leaked information about the government's decision to grant Chinese telecommunications company Huawei access to Britain's 5G network. May's office said it "lost confidence in his ability to serve" after determining he leaked the information to the Daily Telegraph newspaper. "The Prime Minister's decision has been informed by his conduct surrounding an investigation into the circumstances of the unauthorized disclosure of information from a meeting of the U.K. National Security Council," a letter from May's office said. May told Williamson of her decision during a meeting Wednesday evening. He denied involvement in the leak. "I appreciate you offering me the option to resign, but t...
British Steel in talks about £100m government loan

British Steel in talks about £100m government loan

Business
By Mark Kleinman, City editor The UK's second-biggest steel producer is seeking an urgent £100m‎ government loan after Theresa May's failure to pass a Brexit deal left it frozen out of an EU-wide carbon trading scheme.Sky News has learnt that British Steel, which directly employs 5000 people, is in talks with Whitehall about securing the emergency funding within weeks. Ministers have drafted in the professional services firm KPMG to advise them on the talks‎, which have been going on for several weeks, insiders said this weekend.Greg Clark, the business secretary, has been briefed about the situation.British Steel is understood to face a cash-flow shortfall as a consequence of the European Union's (EU) decision not to allocate UK-based companies their usual pe
Top 20 British sitcoms revealed – but what’s your favourite?

Top 20 British sitcoms revealed – but what’s your favourite?

Entertainment
Fawlty Towers has been named as the greatest British sitcom of all time, beating the likes of Father Ted, Blackadder and Peep Show.A list of the 20 best British sitcoms has been compiled by a panel of television experts. The TV boffins credited John Cleese's performance as the highly-strung Basil Fawlty, proprietor of a sub-par Torquay hotel, for the success of the hit show. Image: Only Fools And Horses was sixth Speaking to the Radio Times, who commissioned the list, co-writer and co-star Connie Booth said: "Fawlty Towers succeeds, I think, because it allows infantile rage and aggression a field day in a buttoned down, well-mannered English society."It's unique in being a farce, with all the plot surprises and precision that the styl...