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In reply, shadow business secretary Rebecca Long-Bailey says the news of British Steel's liquidation is "very worrying".

She says it is important that the business is "stabilised", given the "strategically important" nature of the steel industry in areas such as railways.

The government must make clear it will "move heaven and Earth" to ensure "business as usual continues", she adds.

The cost of British Steel's collapse would be far greater than any "short-term outlay" made by the government, she says.

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Image source, HoC

Business Secretary Greg Clark tells MPs that the Official Receiver has said affected employees at British Steel will be paid until the company's future is decided.

The government is committed to working with all parties to secure the future of the company, he says, but he adds that financial support "must be made on a commercial basis".

The government was committed to making a "cash loan" to the company, but the absence of security that it would be repaid meant that it did not meet required legal tests, he goes on.

He says ministers will work to ensure the "best possible outcome" for the company and that jobs are secured.

Meanwhile, a bit more on that exchange earlier, where Tory MP Jacob Rees-Mogg - well known for his flourishes of vocabulary - caught the attention of the Speaker through his use of the word "folderol".

According to the Oxford English Dictionary, the word means a trifling matter, or a meaningless refrain used in a song.

John Bercow said he would guess the word has "probably not been used on any other occasion in the Parliament", or if it has, only by Mr Rees-Mogg himself.

Well...we've just had a rummage through the online archive of Hansard, the parliamentary record, and it turns out it has been used six times before, external.

It made its first appearance in June 1990, when Tory MP Andrew Rowe used it during a debate on NHS trusts.

Jacob Rees-Mogg has used in the word in the Commons before himself - on a debate on the similar subject of NHS charitable trusts.

Image source, PA

The prime minister's statement on her Brexit plans comes to an end.

Business Secretary Greg Clark is now making a statement on British Steel, which has been placed in compulsory liquidation, putting 5,000 jobs at risk.

The move follows a breakdown in rescue talks between the government and the company's owner, Greybull.

The Government's Official Receiver has taken control of the company as part of the liquidation process.

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Change UK MP Dr Sarah Wollaston says she's "desperately worried" about the prospect of no deal and the impact it could have, especially on the NHS. She says she really wants to help the PM get her Brexit deal over the line but there must be a confirmatory public vote.

"It would get across the line if she would just agree to make sure it genuinely is the will of the people," Dr Wollaston implores.

In reply, Theresa May sticks to her position. Vote my bill through and then you'll get the chance to have a vote on whether to hold another referendum.

Image source, Getty Images

The pound has fallen yet again against the dollar, slipping 0.4% to $1.26. Against the euro, it's also down 0.4% to €1.1332.

The move comes amid continuing uncertainty over what will happen over Brexit with Prime Minister's Theresa May's new exit plan so far failing to secure support in the Commons.

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Another Tory Brexiter, Jacob Rees-Mogg, says the changes announced by the PM yesterday were "folderol" - a new one on us, but apparently it means they were showy but useless.

He asks whether the PM "really believes" in what she is putting forward, or is simply “going through the motions".

In reply, Theresa May says she believes it is in the national interest to leave the EU with a deal.

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Labour's Helen Goodman asks Theresa May whether she will give her MPs a free vote on customs arrangements next month.

The prime minister replies that arrangements for whipping - instructions to MPs on how they should vote - will be made "when we see what the proposals are on the table".

It's been a breathless few hours in Westminster, so a few key points:

• Theresa May came to the Commons - indeed, she's still there - to further explain and champion what she's calling a "new Brexit deal" - an attempt at offering compromise to get Brexit done
• Jeremy Corbyn made it clear Labour is against it, as did the SNP and DUP
• Add to that, there is anger from many Conservative backbenchers who say they won't support the bill either. Brexiteers have torn strips off it - and even those who've backed her in the past, like Nicky Morgan, urged the PM not to bring the doomed bill forward for a vote
• The BBC's political editor says things are getting worse by the hour for the prime minister, with meetings about her future taking place behind the scenes.
• Nevertheless, Theresa May insists the bill will be published on Friday and voted on at the beginning of June. She says it remains the last and only way of getting Brexit done.

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Labour MP Caroline Flint asks the PM if she agrees that anyone "on any side" who claims to be against no deal "should give this proposition due consideration and then think about how they would amend it".

"Stop the shouting and start agreeing on what we can agree to move forward," she says.

Mrs May says Ms Flint is "absolutely right".

After the second reading, MPs can put amendments down, the PM says, but "anyone who wants to ensure we leave with a deal... should support it at second reading".

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Change UK's Chuka Umunna asks about what happens if Theresa May is replaced as prime minister towards the end of October, leaving a new leader "no time" to request another Brexit delay to avoid a no-deal exit.

He asks whether she would request an extension to Article 50 before the parliamentary recess in September to avoid this happening.

In reply, Theresa May says the best way to avoid a no-deal exit is to "agree a deal", which she says means voting for the Brexit withdrawal bill.

The prime minister is still responding to questions on her statement, but lots of her own MPs have already left.

A number of empty green benches can be seen on the government's side of the Commons - more so than the opposition benches.

Image source, HoC