Government agrees loan to British Steel to pay EU carbon bill

British Steel has been handed a Government loan in order to pay its European Union carbon bill.

According to many UK-based media outlets, the delay in reaching a Brexit withdrawal deal forced the Government to get involved otherwise, claimed Business Secretary Greg Clark, the steelmaker would have been lumbered with a bill of more than £600 million from EU regulators.

The UK-based Guardian newspaper claims that 'British Steel faced a fine of £500m from the European commission, on top of the £120m cost of buying the allowances, which polluting industries must have if they continue to emit greenhouse gases'.