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Brussels allows state aid for UK steel industry

Brussels allows state aid for UK steel industry

Steel plants and other energy-intensive industries have secured a £400m reduction in their electricity bills. The European Commission has given approval for the UK Government to compensate companies that are hit particularly hard by levies to help fund taxpayer subsidies for investment in renewable energy projects. Ministers had to ask the EU for permission as such compensation is classed as state aid. It is estimated that up to 200 companies spend more than 20% of their GVA in energy bills. They will still have to pay the levy until April 2017 but will now be refunded by taxpayers.

 

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