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David Cameron to chair steel crisis meeting

The prime minister will chair a meeting in Downing Street to discuss the crisis gripping the steel industry amid growing fears of huge job losses.

The government is facing criticism over its response to a shock move by Tata to sell its UK assets.

The PM will chair a meeting to discuss the steel crisis

Around 40,000 jobs could be lost if no buyer is found for Tata Steel's UK business, according to analysis by the IPPR think tank.

Labour leader Jeremy Corbyn said he was "shocked " that business secretary Sajid Javid did not believe nationalising the industry could be the solution.

The Government turned down calls from the Labour Party to recall Parliament.

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Business Secretary Sajid Javid cuts short Australia trip amid steel crisis

Credit: PA

Business Secretary and Bromsgrove MP Sajid Javid is cutting short his trip to Australia and returning to the UK because of the steel industry crisis.

He had been criticised by union officials and opposition MPs for not travelling to Mumbai to lobby the board of steel giant Tata.

The firm has decided to sell its UK assets, threatening thousands of job cuts.

Mr Javid was in Australia on a business trip and was due to speak at an invite-only meeting of business leaders in Sydney.

Around 600 steel jobs at risk in Corby

Tata Steel announced on Tuesday night that it is considering selling off its UK business. Credit: PA

Around 600 steel jobs are at risk in Corby in Northamptonshire after Tata Steel announced on Tuesday night that it is considering selling off its UK business, ITV News understands.

The board of its European holding company has been advised to explore all options for restructuring, including the potential divestment of Tata Steel UK.

In a statement issued in Mumbai, Tata said it noted with "deep concern" the deteriorating financial performance of its UK subsidiary in the past year.

The Government said it is "working tirelessly" to find a long-term solution to the steel crisis.

Meanwhile the former deputy leader of the Labour party John Prescott has questioned why Business Secretary and Bromsgrove MP Sajid Javid is in Australia and not in the UK, with thousands of steel jobs under threat.

Tata Steel to sell UK business

Credit: PA

Tata Steel is expected to sell its entire UK business, putting jobs at the company's site in Corby at risk.

The news comes as union leaders travelled to Mumbai where the Tata board met to discuss the company's loss-making UK business. They had been hoping Tata would agree to a turnaround plan to keep steelmaking at the Port Talbot plant in Wales, as well as other UK plants.

Thousands of jobs have been lost in the steel industry in the past year, with companies blaming cheap Chinese imports and high energy costs for the UK steel sector's demise.

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Next expects 'toughest year since 2008' despite profit rise

Retailer Next has warned that 2016 could be the "toughest" year since the financial crisis.

Next has warned that 2016 could be the 'toughest' since the recession Credit: PA

The high street giant, which is based in Enderby in Leicestershire, posted a 5% rise in underlying pre-tax profits to £821.3 million for the year to the end of January.

The group had already warned over results in January after a difficult Christmas due to unusually warm weather.

Next said it was bracing itself for a slowdown in the global economy and for profits to fall by up to 4.5% in a year that "may well be the toughest we have faced since 2008".

Npower to cut a fifth of its UK workforce

Credit: Katie Collins/PA Wire/Press Association Images

Energy firm Npower will announce this week it is to cut around 2,500 jobs, according to reports.

A spokesman for Npower declined to comment.

Npower, which has 4.9 million accounts, has major plants in the UK including Staythorpe in Nottinghamshire, and offices across the Midlands. It is not yet clear where staff will be affected.

The announcement is expected to be officially made on Tuesday.

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