Nevertheless, the Department for Business, Energy and Industrial Strategy will face scrutiny of its decision given the sensitivity of effectively handing a publicly funded subsidy to a private company.Officials in Brussels are said to have assured the Government that the Brexit delay until October 31 will not entail a permanent exclusion for British companies from the ETS.
Owned by the private investment firm Greybull Capital, British Steel has been revived from the brink of closure since it was acquired from the Indian giant Tata Steel in 2016. In addition to the 5,000 people it employs directly, British Steel's supply chain is responsible for a further 20,000 jobs.It produces 2.8m tonnes of steel annually, meaning it ranks second in size behind Tata Steel, the owner of the vast Port Talbot steelworks in Wales.
Mr Reichmann said in February that British Steel had"robust plans in place to deal with the various Brexit scenarios including the change in carbon credit regime". The funding squeeze at British Steel is the latest problem to affect an embattled manufacturing sector in recent months.
And it seems a wonderful opportunity for a photo-op. Arch-Remoaner Phillip Hammond being forced to hand over a cheque to pay the Yvette Cooper bill.