Tesco Bank is to sell off its mortgage portfolio after halting new lending, in a move which could affect more than 23,000 customers.

The bank announced on Today that it had ceased new mortgage lending and was actively exploring options to sell its existing portfolio, which has total lending balances of £3.7 billion.

Chief executive Gerry Mallon blamed recent challenging market conditions and said the move was part of a strategic decision to "focus on serving a broader range of customers in more specific areas".

READ MORE: Tesco to transform its banking arm with new hire

"We have therefore chosen to cease lending to new customers and announce our intention to explore a sale of our portfolio," he said.

"Our priority in any sale is to complete a commercially acceptable transaction with a purchaser who will continue to serve our customers well."

The bank warned there was no certainty of a transaction, nor of the terms to which it might be attached.

Union leaders are set for talks with the Government on the future of British Steel after reports that it faces insolvency within days if a deal cannot be struck.

Britain's second-largest steel producer is on the brink of collapse putting thousands of jobs at risk, Sky News reported.

Unite union said it would be speaking to Business Secretary Greg Clark and urged British Steel owner Greybull to find a solution.

Halfords has reported lower annual profits, as the retailer warned that a transformation plan would take longer than expected amid current levels of consumer uncertainty.

Profit before tax dropped 24 per cent to £51 million at the business, with lower motoring sales, high investment and weak sentiment in the run-up to Christmas all contributing to the decline.

Overall revenue was up 0.3% to just under £1.139 billion. On a like-for-like basis revenue climbed 1.1%.