The government has given British Steel an emergency £120m loan to cover an EU bill for carbon dioxide emissions, after the delay in reaching a Brexit withdrawal deal forced it to intervene.
The EU isn't selling carbon dioxide emissions, it's extortion.
If they are given the money the British government should take equity and a seat on the Board. A loan is to pour good money after bad, paper that the company may well never pay back. That’s capitalism. Privatize profits, socialize losses.
So the steel industry having been. Nationalized by Labour was privatized br the Tories in the 50’s arguing that the private sector was more efficient, and of course that profit making is good for the public interest, now needs a loan to keep afloat. Sounds like corporate welfare
If the UK leaves the EU there will be no free permits to sell so no way to repay the £120m taxpayer funded loan.
So uk gov lends £120m to British Steel to give to the EU or face £500m EU fine. How about leave EU, don’t pay EU diddly squat and invest the £120m in uk green energy
Why is the UK government giving a loan to French company?
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