A Sky News report states that Greg Clark, the business secretary, will facilitate a loan of £100m to the country’s second-biggest steelmaker to pay the EU carbon credits.
British Steel will repay the money on commercial terms, but the entire situation pinpoints the issues with the continuing uncertainty over Brexit, following the EU decision to suspend UK firms' access to the carbon emissions trading system (ETS) until a Brexit withdrawal deal is ratified.
British Steel finds itself between threat and counter threat in a ‘carbon war’ as the UK signals it could leave the ETS and create a domestic scheme – with the resultant glut of credits and mass devaluation.
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