Clark backs British Steel with £100m rescue funding

Greg Clark, the business secretary, has agreed to provide £100m in funding to the UK’s second-biggest steel producer after it requested emergency support to make a repayment to an EU-run environment scheme. Sky News has learnt that Mr Clark will announce on Wednesday that the government has stepped in to meet a financial shortfall faced by British Steel ahead of a deadline for the company to pay its latest carbon emissions bill. Sources said that the government funding had been used to acquire carbon credits on behalf of British Steel before surrendering them to regulators, with the company signing a deal with Mr Clark's department to repay the money on commercial terms over the coming months.