MPs question £120m British Steel carbon loan

The Commons has questioned why one of the UK’s only integrated steelworks had to be given a huge loan to cover its carbon trading position.

While MPs think business secretary Greg Clark took the right action in bailing out British Steel’s EU emissions trading system deficit, they expressed regret that it was necessary during a debate on Wednesday.

“I think the secretary of state has handled this brilliantly well,” said Sir Mike Penning, Tory MP for Hemel Hempsted, in reaction to the firm securing a £120m after it found itself without sufficient allowances to account for its 2018 CO2 emissions. The firm had sold them off to raise capital.

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