Thousands of jobs saved and British Steel plant future secured after £500m Network Rail deal

A £500 million deal between Network Rail and British Steel will help save Scunthorpe’s steelworks.

The five-year agreement secures thousands of jobs by supplying over 330,000 tonnes of rail track. It follows emergency Government action to delay the closure of the site’s blast furnaces.

Transport Secretary Heidi Alexander says the deal transforms British Steel’s future. She added: “This landmark contract truly transforms the outlook for British Steel and its dedicated workforce in Scunthorpe, building on its decades-long partnership with Network Rail to produce rail for Britain's railways.”

Aviva to take over Direct Line and third of firms to slash staff amid National Insurance hikes: Business in Brief

• Aviva’s £3.7 billion takeover of Direct Line is expected to complete next month. The insurer says talks with the competition watchdog have been “constructive”. A final decision from the CMA is due by July 10, and Aviva remains confident. The deal will create a motor insurance giant covering over 20 per cent of the UK market.

• The world’s biggest banks ramped up fossil fuel financing in 2024, pouring in nearly £640 billion. A major report shows Barclays, HSBC, NatWest and Lloyds among those backing oil, gas and coal firms. The research tracked lending to over 2,700 fossil fuel companies worldwide. It's a £120 billion increase on last year, despite mounting climate concerns.

• A third of UK business owners say they plan to cut more jobs after April’s rise in national insurance contributions. New research shows some have already slashed staff, frozen pay or raised prices to cope. The NICs hike, alongside a higher minimum wage, hit firms hard this spring. The survey found one-in-five have already reduced headcount as a direct result.

• Gareth Bale is part of a US consortium eyeing a takeover of League One side Plymouth Argyle. Talks are still in the early stages, after a previous deal to sell a club stake collapsed. Bale could follow Luka Modric, who recently invested in Swansea to boost its global reach.

• A Japanese food giant has announced a £17 million expansion in Greater Manchester. Mizkan, maker of Sarson’s Vinegar, will upgrade its Middleton factory and develop new products. The move comes as the city-region begins a trade mission to Tokyo and Osaka. Mizkan says the investment cements Greater Manchester as its European hub.