STEEL CRISIS IN BRITAIN CAN COST 5 BILLION POUNDS FOR THE GOVERNMENT

The steel crisis in Britain could cost the Government nearly £5bn over the next decade if urgent action is not taken.

If a rescue is not agreed for Tata Steel UK, the loss of up to 40,000 jobs across the company and its supply chain could cost the country £4.6bn over ten years, according to the Institute For Public Policy Research.

The thinktank put the hit to the public purse down to the loss of income tax and VAT receipts as well as higher spending on out-of-work benefits