The British government has nationalized a major steel plant: 1500 jobs at risk.

The government has taken control of the third-largest steelworks in the UK, which may lead to the loss of 1,500 jobs. Speciality Steel UK has declared bankruptcy following an involuntary liquidation order. The company has massive debts and is part of Liberty Steel, founded by Sanjeev Gupta. The court recognized the company as insolvent, with only £600,000 in its bank account, while monthly expenses exceed £3.7 million. MARKS & SPENCER plans to build a new distribution center, which will create 3,000 jobs. This will help improve product availability and reduce costs in the long term. WH SMITH is facing issues due to accounting errors in the US, which led to a drop in stock prices and a reduction in annual profits. The company admitted that its profits were overstated by £30 million in North America. Government borrowing in the summer was below expectations, which is a good sign ahead of the budget for Chancellor Rachel Reeves. An increase in tax revenues may require tax hikes in the future to balance the budget.