British Steel’s Brexit-fuelled collapse is further evidence of the government’s economic incompetence

Analysis: The fact that the banks were bailed out, and British Steel is being hung out to dry, suggests the British state will step in to help the City but not the industrial Midlands or north

This isn’t the end for British Steel yet. But it’s fast approaching and absent a unicorn – yes another one of those – the bell will soon be tolling for the jobs of nearly 5,000 people directly employed by the company and another 20,000 or so in the supply chain.

The business is now in the hands of the official receiver after talks over a government lifeline ended in failure.

Administrators from EY (formerly Ernst & Young) will temporarily run the business, ostensibly in the interests of creditors. They include Greybull Capital, the somewhat controversial private equity owner, which has been in this situation many times before (Monarch Airlines, Comet to name a couple of notable examples) and is also a lender to the business.