Theresa May will set out a “new deal” for Britain’s departure from the European Union, offering sweeteners to parliament including the chance to vote on whether to hold a second referendum to try to break the impasse over Brexit.

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The Financial Reporting Council (FRC) has called for KPMG to be fined at least a record £12.5m for misconduct in its work for Bank of New York Mellon because of the size of the US bank’s operations and the “truly exceptional” seriousness of the abuses.

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British Steel could fall into administration today, putting 5,000 jobs directly at risk and endangering 20,000 more in the supply chain, after talks to secure an emergency £30m loan from the government stalled.