Local government finances could receive a £2.8m business rates hit after British Steel was forced into liquidation following various trading challenges.

Head of rating at Colliers International, John Webber, said: ‘As well as 25,000 jobs at stake, the administration could well impact on the £2.8m British Steel contributes to the public purse, putting local finances at risk - adding even more to the pain in those depressed parts of the country.'