greybull capital bought the business three years ago forjust £1.millions on this site here but needed the government's help just to keep things rolling. but just last week they spent £40 million buying a french steel company, and everyone i've been talking to want to know why that money wasn't spent here. some of my friends' parents work there, so it'll be hard for them. scunthorpe boxing club is a stone's throw from the main factory gates. over the years the steelworks have donated plenty of money, and classes would be dearer — they're only £2 for kids. two weeks ago henry had a visitor in his school's career sessions. we have a lot of students that want to work in british steel. it's a big company. we had someone from british steel who came in and told us about where it could lead you on what college courses to do... today's news is a double blow for taxpayers. a few years ago the government loaned greybull capital £100 million, and from next week they'll also have to pick up the company's wage bill. that's because greybull and its shareholders w

it is three years since greybull capital bought this plant forjust a greybull capital bought this plantht this plant forjust a pound, saving it from closure and rebranding as british steel. a year later, the company reported profits of £47 million. but last autumn there were signs of trouble. 400 jobs were cut across europe. in april, british steel was given £120 million loan from the government to help pay its eu carbon emissions bill, and just last week it said it needed another £75 million to keep it trading. but the business minister said, this time, his hands were tied. you can only operate within the law. i can't do things that are illegal. because that £120 million was secured, i was able to do that. but because there isn't the security available for any further injections of cash, it is not legally possible for me to do that. greybull capital, the owners of british steel, said... when the steelworks are in trouble, there is a ripple effect through the economy. there is 4000 directly employed. those jobs go straightaway, and they are well paid, high—paid jobs for the uk and for t

the company, which is owned by the private equity group greybull capital, has been trying to secure £30inancial support from the government. a business minister came to the commons to answer an urgent question. we have been in ongoing discussions with the company, and i am sure the house will understand that we cannot comment in details at this stage. we will, however, update the house when there is more information available. ican, however, reassure the house that, subject to strict legal bounds, the government will leave no stone unturned in its support for the steel industry. we recognise that global economic considerations continue to be challenging for the industry, which is why the government is working with the sector, with unions and with the devolved administrations to support a sustainable, productive and modern uk steel sector. if no deal can be reached with greybull, has the government considered any other options, such as bringing british steel into public ownership? and finally, mr speaker, the steel sector is facing a myriad of issues, from values of sterling and the unce

its current owners are a company called greybull capital., the previous owner, said, "look, we cannot make a go of this, we will have to close it, does anyone want to buy it?" greybull were the only buyer, they paid a nominal sum for it, perhaps a pound, we don't really know exactly what the amount was. a lot of people have been pretty iffy about its future since then. greybull has said that a lot of this is brexit—related, because their export customers, particularly on the continent, do not know what the trade arrangement is going to be post—brexit, so they have not been renewing orders. other people, though, have said that this is a company that faces a lot of headwinds, britain is a difficult place to make steel, an expensive place to make steel, and world steel prices have gone down by 20% in the last year. either way, it's going to be a very anxious day for those workers in scu nthorpe. the headlines on bbc news... one of the best—known figures in motor racing, niki lauda, has died at the age of 70 — his family said the three—time form

it follows a breakdown in rescue talks between the government and the company's owner, greybull.and jobs at risk, with another 20,000 people in the company's supply chain facing uncertainty. the polls are about to open for the european parliament elections. 73 members, known as meps, will be elected in nine constituencies in england, and one each in scotland, wales and northern ireland. results will be announced on sunday once voting has finished in all eu countries. the uk has rejected a united nations resolution demanding it gives back control of the chagos islands in the indian ocean to mauritius. the non—binding vote was supported by 116 nations, with the uk being just one of six countries opposing it. mauritius says it was forced to give up the indian ocean group, now a british overseas territory, in 1965 in exchange for independence. votes are being counted in india's general election with exit polls suggesting prime minister narendra modi is set for a second term. a record 600 million people voted across several weeks, and security has been stepped up in some areas ahead o

sources close to owners greybull capital say its future will be discussed at "ministerial level".lmost certainly did not say it — "anyone over 25 on a bus can consider themselves a failure." now, even if you consider it the most appallingly snobbish thing to say, the one grain of truth in there is that buses are young people's transport. today, the consumer group transport focus confirmed this. under—25s use buses more than any other age group, but they are the least satisfied — why? because the way we use and pay for buses still seems to be designed for older generations. joining us now is anthony smith, chief executive at transport focus. why are these companies that run the process , why are these companies that run the process, why have they got it so wrong? the young people we spoke to said very clearly, using the bus should be as simple as ordering a pizza. you can track the delivery, you know how much it is going to cost, whereas the bus, you don't know how much it is going to cost until you ask the driver. bus companies and local authorities have to work hard with young pe

can i say to the right honourable lady, she referenced what happened to greybull capital's british steel the steel industry, notjust the uk but globally. supply is outstripping demand and a lot of the excess production is coming from china and that is why in the g 23 yea rs china and that is why in the g 23 years ago, we acted to bring china around the table to try and deal with the issue. she asks about the long term, the compromise solution i put forward and referenced in my statement is designed to ensure a future government can take that issue in the direction it wishes to ta ke issue in the direction it wishes to take it and for the house to determine what

it love a call -- service is and will be affected massively in twenty sixteen private equity firm greybull capital bought the plant from time to steal for nominal one pounds. re is own grave -- says it trying to keep british steel alive. person already challenging market compounded by uncertainties over brexit proved insurmountable. last ditch talks with the british government failed to secure an emergency bailouts. a task of steel mail in northern france workers are worried about the future. earlier this month british steel port the clones pledging to invest forty seven point five million euros and guarantee the jobs of the two hundred and seventy employees. part of a rescue deal under which the french state and local authorities with much the ininvestments -- sivakasi yeah o be frank with you it's not as if they were a fififteen to twentyr thirty buys rushing into an economic field steel the steel industry which is difficult today. this explains why on surprisingly this recovery is always complicated difficult with ups and downs. we will remain behind ask allows employees. the french gov

british steel's owner greybull capital has said thehe collapse was largely due to brag that the market has to be said there are a lot of factors playing into this. of the steel industry in general is really really crumbling certainly far beyond the reach of brexit. and date it's one of the yes side factors of all times of a freight kate thank you very much to b be capable of thihis greato see. the closest you give me james hit me to watch h good evening w concerns overr the issue of p ps frfreedom here in france. fresh concerns after number journalists have been summoned for questioning. and this is questioning by french intelligence yes absolutely the d. g. s. or a which is the domestic intelligence services basically the equivalent. of the fbi and the u. s. -- mi five in the united kingdom another french paper le monde to set its consent of the world really is watching on this one the washington post among those reports take. this story -- because our initial is a very experienced reporter he works for the mold that she will be questioned by the d. g. s. all right next week but she i

the move follows a breakdown in rescue talks between the government and the company's owner, greybullration british steel workers. paul has worked there for 34 years, and callum is a recent recruit through their apprenticeship programme. devastated, to be quite honest with you. not just for myself, but for my lad, and for the workforce and for the town. itjust felt different this time, for some reason, all the way along. so, yeah, not a good feeling to be woken up to yesterday morning. when you say it felt different this time, you mean you knew it was coming? well, i'm always hopeful with the people that we've got in charge, like the unions and that, that something can be done and something, a compromise can be reached. and we was hoping that the government would help us. and i know they helped us with the 120 million, and thank you very much. but, yeah, something just didn't feel... itjust didn't sit right with me this time, i don't know what it was. callum, what about yourself, how are you feeling? disappointed, devastated. it's a surreal feeling. you don't expect to hear the news,

it is not the first time greybull have presided over a controversial investment process, they also presided you think there will be long enough for a something to be put in place? obviously the clock is ticking. as you say, greg clark has commissioned legal advice, you imagine he would wa nt legal advice, you imagine he would want that done quite quickly. a consortium of private companies have been lined up by the government, so you the government would be hoping that they can step in in time. one isa that they can step in in time. one is a chinese company. a chinese group, and a uk—based private equity fund that are involved in this rescue plan. well, in nine or ten minutes it is european elections time, so we will see what happens. but friday apparently is the big day for all of us here, and of course for all of us here, and of course for number ten downing street. don't forget you can see the front pages of the papers online on the bbc news website. it's all there for you seven days a week at bbc.co.uk/papers. and if you miss the programme any evening you can watch it later on bbc iplaye

greybull capital bought the business four yea rs capital bought the business four years ago forjust £1 the business four years ago for just £1. they say they have spent millions on this site here but needed the government's help just to keep things rolling. but just last week they spent £40 million buying a french steel company and everyone i have been talking to want to know why that money wasn't spent here. and it is not just the workers who money wasn't spent here. and it is notjust the workers who are money wasn't spent here. and it is not just the workers who are feeling the effects of this news. if 4000 jobs go in this area, that's 4000 stu d e nts jobs go in this area, that's 4000 students and when they finish couege students and when they finish college or university they will not have jobs to college or university they will not havejobs to go college or university they will not have jobs to go into so it will have future generations stuck with nothing to do as much is the generation is already in that. scunthorpe boxing club is a stone's throw from the main factory gates. 0ver

can i say to the right honourable lady, she referenced what happened to greybull capital's british steel be aware there is a number of challenges facing the steel industry, notjust the uk but globally. supply is outstripping demand and a lot of the excess outstripping demand and a lot of the excess production is coming from china and that is why in the g 23 yea rs china and that is why in the g 23 years ago, we acted to bring china around the table to try and deal with the issue. she asks about the long term, the compromise solution i put forward and referenced in my statement is designed to ensure a future government can take that issue in the direction it wishes to ta ke issue in the direction it wishes to take it and for the house to determine what those negotiating objectives should be. what matters to our manufacturing industry is the frictions that take place at the border and having the benefits of the customs union and no tariffs and no quotas. that is what is in the political declaration, the benefits of the customs union. we are committed to ensuring that trade is as frictionle

it follows a breakdown in rescue talks between the government and the company's owner, greybull.has put 5,000 jobs at risk, with another 20,000 people in the company's supply chain facing uncertainty. the hs2 rail scheme is one of the uk's biggest and most expensive infrastructure projects. its supporters say the high—speed line is crucial to the future of the economy, while critics call the billions of pounds that will be spent on the project a waste of money which won't benefit the areas it is designed to help. our business presenter ben thompson has been to hs2's birmingham construction site to find out more. welcome to birmingham on the site of what will be the curzon street station. it will be the birmingham end of that first phase of the hs2 line that brings passengers from london to here in birmingham and then, ultimately, onwards towards manchester and leeds. but already, of course, lots of concern about this project, whether it will be delivered on time and budget. already a massive cost associated with delivering this line, and the man whose job it is is mark thurston,

i think that british steel and greybull are doing what they can to secure a future for scunthorpe, buteen making steel here for the last 150 years, so it has a huge, huge impact on everyone. notjust those who work here. yes, absolutely, scunthorpe is a steel town. 0ur football team is called the iron. my brother—in—law is a mechanic down the road. he's worried because most of his customers are still workers. it's notjust the 4,000 people employed here. it's the 20,000 people in the supply chain. but even wider than that, it's the cafes, it's the ppe suppliers, it's all that sort of stuff that if this isn't here, then their future is thrown into uncertainty too. ok, so british steel have said brexit—related issues are causing them serious problems. they want the government to bail them out, essentially. what do you think is the best way forward? i think that the government need to be looking at all options available to them, including nationalisation. the steel industry is the cornerstone of the uk's manufacturing industry and, as such, if nationalisation is good enough for the banks wh

greybull capital bought the business four years ago forjust £1.st to keep things rolling. but just last week, they spent £40 million buying a french steel company, and everyone i've been talking to wants to know why that money wasn't spent here. the blow is being felt much further afield than scu nthorpe. 30 miles up the river, they‘ re impacted, too. i think it's terrible, the price of a football player, isn't it, really? and it's going to be india and places like that as opposed to british steel, scunthorpe steel, where it has always come from. the shape of uk industry is changing, and workers at british steel had hoped to keep their place in that. but everyone on the humber estuary knows you can't fight the tide forever. now to discuss the news that andrea leadsom has resigned we will bring you more reaction to the news in the last few minutes that the leader of the house, andrea leadsom has resigned this evening. she has tweeted a letter that she said to the prime minister, it is with great regret and a heavy heart, she says, that i have decid

liquidation following the failure of rescue talks between the government and the company's owner, greybull are at risk, including 3000 at the company's plant in scu nthorpe. the move also endangers thousands more jobs in the wider supply chain. the uk's second—biggest steel—maker has been seeking millions of pounds of support to help it deal with what it called "brexit—related issues". the business secretary greg clark said he would "work tirelessly" to secure the firm's future. but he said it would be unlawful to offer a guarantee or loan on the terms requested by british steel. sarah walton reports. the steel plant in scunthorpe dominates the landscape, but it also dominates life here, with 3000 people from the town working in the plant. today, their future, like the company's, is unclear. it's notjust this town that gets affected, it's everywhere around it. that's a lot of people's lives up in the air, really, so they need to do something. if it goes under, the town will disappear, really, there'll be nothing left. there's all your little businesses, they'lljust... there'll be nothing h

it is about one company owned by greybull capital but i have taken steps in the past to make sure wehull in january 1968 and opposition. three trawlers set out from hull injanuary 1968 and never return, from hull injanuary1968 and never return, leading to the loss of 58 lives. yvonne marie is the last surviving member of a group of women from hull who became known following that tragedy, as the headscarf revolutionaries. the women campaign for better protection for their husbands, fathers, brothers and sons. through their actions, countless lives have been saved. i am reliably informed that yvonne marie is with us today observing our proceedings. we salute her and her fellow women and we extend the warmest welcome to her, to the house of commons. applause. order. statement, the prime minister. with permission before i make my statement, may i recognise the work of yvonne marie and others and all those over the years who have campaigned to ensure that those in the workplace can have the degree of safety and security they need. with permission mr speaker, i would like to make a stateme

sources close to owners greybull capital say its future will be discussed at "ministerial level".ed issues". this lets take you through some of the big stories of the day. shares in thomas cook, which reported a £1.5 billion loss yesterday, have dropped by around 26% today, falling to just above lows in 2012 when it was fighting for survival. market analysts say the slide is because of a sell recommendation from citigroup, with a 0p target price. that is what has impacted the shares. that is what has impacted the shares. facebook has removed hundreds of social media accounts and banned an israeli firm due to "co—ordinated inauthentic behaviour", mainly targeting africa. the social network says fake accounts often posted about political issues, including elections in various countries. facebook has faced rising criticism for failing to stamp out misinformation on its platform. boeing has completed development of a software update for its 737 max plane, which was grounded following two fatal crashes within five months. the us plane—maker says it has flown the 737 max with the update

the unite union is urging the compa ny‘s owner greybull to find a solution.dership hopefuls against a no—deal brexit. theresa may will address the cabinet later on what she's described as a ‘bold offer‘ regarding her brexit plan. this all comes as mps have just 48 hours of campaigning left before the eu elections. firefighters have accused ministers of "utter complacency" over the risk of fires in tower blocks. almost two years after the grenfell tower disaster, the fire brigades' union says its research shows safety plans across england and wales are mostly "inadequate" and there is a "postcode lottery of preparedness". however, the government says fire and rescue services have the resources they need. scientists are warning that global sea levels could rise far more than predicted, due to ice melting in greenland and antarctica at a faster rate than previously thought. until now, experts have suggested the world's seas could rise byjust under a metre by the end of the century. but a new study says the real level may be double that figure. this would potenti

sources close to owners greybull capital say its future will be discussed at "ministerial level". the impact of currency movements, and "the impact of drones at gatwick in december". so what kind of a day on the markets, thomas cook not doing so well? in many ways we knew about it yesterday, i think what‘s happened todayis yesterday, i think what‘s happened today is the fact that one of the big analyst companies has come up and said the shares are worthless.” the figures. 4096. this isjust bouncing around at the bottom. i think once it goes below ten, it will really be a problem. has not been this low since 2012. when we had the slump in passenger numbers, the company was really struggling at this point. but now itjust seems to be getting worse. i think we could be getting worse. i think we could be talking about some kind of administration in the next few days possibly. i do not know quite where we go from here. the branches of sleep quite good, but we have to see what develops over the next few days. uncertainty over brexit, we have heard that before. but also, the good weather

receivership, following the failure of rescue talks between the government and the company's owner, greybull,000 jobs are at risk, including 3,000 at the company's plant in scu nthorpe. the move also endangers thousands more jobs in the wider supply chain. the uk's second—biggest steel maker has been seeking millions of pounds of support to help it deal with what it called "brexit—related issues". the government says it will work with the company to try to secure its future. sarah walton reports. the steel plant in scunthorpe dominates the landscape. it also dominates life, with 3000 people from the town working in the plant. today, their future, like the company's is unclear. it's notjust this town that gets affected, it's everywhere around it. that's a lot of people's lives up in the air. if it goes, the town will disappear, really. there is all your little businesses, there will be nothing here. i feel that the steelworks is the lifeblood of the town. basically, it's the heart of the town. if the heart stops beating, services, retail, everything else will be affected massively. british st

it follows a breakdown in rescue talks between the government and the company's owner, greybull.with another 20,000 people in the company's supply chain facing uncertainty. the children's author and illustrator judith kerr, best known for the tiger who came to tea, has died at the age of 95. she started writing when her own children were learning to read, and also produced the mog series of books, following the adventures of a forgetful cat. her publisher said she died at home yesterday after a short illness. daniela relph looks back on her life. he who came to tea. a former art teacher and script writer turned full—time mother of two small children. it got really very boring. you go for a walk and have tea at that was it. we wished somebody would come. so i thought, well, why not have a tiger come? so that is where the story came from, really. she drew the pictures to a story she had previously told her daughter. the tiger was friendly, not fierce. his appearance mildly surprising, not downright surreal. the book was a runaway success. judith kerr had been drawing such childhood