British Steel is on the verge of administration as it continues to lobby for government backing, sources say.

The UK’s second-biggest steel maker had been trying to secure £75m in financial support to help it to address “Brexit-related issues”.

If the firm does not get the cash it would put 4,500 jobs at risk and endanger 20,000 in the supply chain.

One of its biggest customers is Network Rail. 95% of train rails are supplied by British Steel’s from their Scunthorpe plant.

Company sources said that the direction of talks with the government would become clearer in the coming hours.

But unless a deal is reached by Tuesday afternoon, the firm could go into administration within 48 hours.

In a statement, the Department for Business, Energy and Industrial Strategy (BEIS) said: “As the business department, we are in regular conversation with a wide range of companies.”

Disaster for Jamie Oliver

Celebrity chef Jamie Oliver’s restaurant group has gone into administration putting 1,300 jobs at risk.

25 restaurants are affected by the move, 23 of which are from the Jamie’s Italian chain.

A number of restaurants associated with Jamie Oliver have collapsed putting 1,300 jobs at risk. Credit: Getty Images

The group, which includes his chain, Barbecoa and Fifteen, has appointed KPMG as administrators.

Mr Oliver said:

“I appreciate how difficult this is for everyone affected. I would also like to thank all the customers who have enjoyed and supported us over the last decade, it’s been a real pleasure serving you.”

Tesco Bank under-pressure

Tesco is the latest supermarket to fall under the pressure. The emergence of app-based banks coupled with stricter regulations in the mortgage market has become too much for the supermarket chain to handle.

The bank is stopping mortgage lending and is looking for ways to sell its existing mortgage portfolio.

Tesco bank, which started offering mortgages in London in 2012, has more than 23,000 mortgage customers, and lending balances of £3.7bn.

Tesco Bank have had to stop lending mortgages to customers. Credit: Getty Images

Tesco Bank Chief Executive Gerry Mallon said: “In recent years, challenging market conditions have limited profitable growth opportunities.”

There shouldn’t be an impact on customers who already have mortgages.

UK youngsters worried about their economic future

Pessimism among younger people about the economy is growing in the U.K – that’s according to Delloite.

A survey a 16,000 millenial and generation Z workers found that only 26% of respondents said they expected the economy to improve in the coming year.

Over half of the respondents think their financial situation will either worsen or stay the same. And only 37% think business leaders make a positive impact on the world.

Dimple Agarwal, partner and global leader at Deloitte said millennials and Gen Z’s trust in business has decreased because they believe they focus solely on their own agendas, rather than considering the consequences for society.

News