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Steelworkers march through Westminster in protest

Credit: Matthew Thom

Steelworkers are marching through Westminster to highlight the crisis in their industry.

They are calling on the government to "ensure the responsible sale of Tata Steel's UK assets" and to deliver "a proper industrial strategy that supports the entire steel sector".

Credit: Matthew Thom
Credit: Matthew Thom

Excalibur Steel 'working alone' on Tata bid

Credit: PA

Excalibur Steel is "working alone and is not currently contemplating acting in conjunction with any third party" in its bid to buy Tata Steel's UK assets, ITV News has learned.

On Sunday it was reported that Liberty House and Excalibur Steel UK could be considering working together to buy the Tata Steel UK operation, before Excalibur's Chairman said this was "completely untrue".

The company has now said it will not be working with any other firm.

Excalibur Steel UK Ltd was created as an entity to manage the financing of an employee and management led buy-out of Tata Steel UK Ltd.

Recent media speculation has suggested that Excalibur is not pursuing this objective independently. This is incorrect.

Excalibur is working alone and is not currently contemplating acting in conjunction with any third party.

– EXCALIBUR STEEL STATEMENT

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Steelworkers gather in Westminster for protest

Credit: Matthew Thom

Steelworkers have gathered in Westminster ahead of a march to highlight the crisis in their industry.

They are calling on the government to "ensure the responsible sale of Tata Steel's UK assets" and to deliver "a proper industrial strategy that supports the entire steel sector".

The march comes as a shortlist of bidders is drawn up for the UK assets of Tata Steel, including the Port Talbot plant in south Wales.

Tata's board meets in Mumbai on Wednesday to discuss the prospect of sale, which would save thousands of jobs.

Business Secretary Sajid Javid and Welsh First Minister Carwyn Jones have traveled to the India city for talks.

Credit: Matthew Thom
Credit: Matthew Thom

Port Talbot workers head to London to protest

Hundreds of steelworkers are heading to London to demonstrate and put pressure on the government to help secure the future of the steel industry.

Today is a crunch day for the workers as Tata's board is meeting to discuss the bids.

Business Secretary Sajid Javid and Welsh First Minister Carwyn Jones have travelled to India for the meeting.

ITV News' Rupert Evelyn reports:

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M&S boss warns revamp will hit profits

Marks & Spencer has reported a 4.3% rise in underlying pre-tax profits to £689.6 million for the year to the start of April - but its new boss says profits will take a hit as he announced price cuts and a revamp of its clothing range.

Steve Rowe, who took over from Marc Bolland as chief executive last month, said M&S will reduce everyday prices while cutting back on promotions and clearance sales.

He said the store will remain focused on quality through "fabric, fit and finish" and reduce the number of product lines in its autumn/winter ranges.

In effort to improve customer service, more staff will be put in store, particularly in cafes and changing rooms.

Our results last year were mixed. We continued to outperform on food but we underperformed on clothing and home sales. This is not satisfactory and today we are outlining our initial plans to address the issues and to position Marks & Spencer to deliver profitable sales growth.

– Steve Rowe, Marks and Spencer Chief Executive

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Carney: My job to be straight with Brits over Brexit

Bank of England boss Mark Carney said it was his job to "come straight with the British people" over the risks of a Brexit vote.

Mark Carney appearing before MPs on Tuesday. Credit: PA Wire

In a heated exchange with MPs, he denied accusations of being politically involved and of colluding with Chancellor George Osborne.

Mr Carney insisted the Bank was "apolitical" and had a responsibility to warn the wider public about the economic risks of a Brexit.

"It's important not just to those in financial markets but it's important to come straight with the British people about that," he said.

'All British Tata Steel bid' between Excalibur Steel UK and Liberty House 'completely untrue'

Credit: PA

A deal between Excalibur Steel UK and Liberty House to buy the Tata Steel UK operation is "completely untrue", ITV News Business Editor Joel Hills has been told.

The "all-British bid" between the two companies was thought to have been to allow Excalibur access to what one source describes as "the deep pockets" of Liberty House, while in turn they would benefit from working closely with the team who have been seen as the front-runners from the outset of the sales process.

The rumour had emerged ahead of the planned Tata board meeting in Mumbai this week to whittle down the seven bids for the ailing steel operation.

The sale includes the huge Port Talbot plant and 15,000 jobs across the UK.

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