British Steel’s potential collapse has become a national event in which people see their political prophecies affirmed.

Company put into official receivership after talks with government over £30m rescue package break down. / British Steel has collapsed, putting more than 4,000 jobs directly at risk and threatening a further 20,000 in the company’s supply chain.

British Steel has said it is seeking further financial support from the government to help it address "Brexit-related issues".

British Steel won approval from a French court to buy the Ascoval steel mill in northern France, in a deal that should help save jobs at the site and allow British Steel to expand in Europe as Brexit concerns weigh on its domestic market.

British Steel is on the verge of administration within 48 hours unless a £30m rescue deal can be agreed with the government. If additional funding cannot be secured 4,000 British Steel jobs would be put at risk along with a further 20,000 in its supply chain.