Greeley Tribune, Greeley Tribune News, Greeley Tribune Sports

Energy Crisis: Businesses paying large bonuses may not be eligible for state-sponsored assistance.

One minister has hinted that companies paying large bonuses or profits may not be eligible for state-backed financial aid, which is considered to help businesses most affected by rising energy prices.

This comes at a time when the Treasury is considering proposals. Kosi Quarting., Business Secretary, on Monday, in the midst of an extraordinary. Turf war between two departments More than government support for the sector

Boris Johnson Mr Quarting has reportedly backed a multi-million pound bailout to stem the tide of energy industries, but no announcement is expected on Tuesday.

Free Also Revealed that Britain could be forced to depend on other nations. For key nuclear and defense components, unless ministers guarantee energy to the heavy industry – there is more pressure. رشی سنک۔ Accepting suggestions.

Steve Barclay.The Chief Secretary of the Cabinet Office said. Times Radio. That the government will need to examine “what is the value of money and what is the ratio” when considering taxpayer assistance for the sector.

“Have they made a profit recently? Are they giving big bonuses? We need to understand the details instead of kneeling in response to taxpayers.”

“Exactly, otherwise you will put pressure on me in terms of the value of money for taxpayers and the huge amount of money that the Treasury has already provided to the industry. So it’s about balance and engagement.

Free Understands that the needs of firms may be similar. Corona Virus Large Business Barrier Loan Scheme (CLBILS) – Introduced at the onset of the epidemic to provide financial support.

The scheme, which is now closed to new applications, has helped medium- and large-sized businesses access loans up to 200 200 million and other types of finance.

Those seeking less than 50 50 million had to make sure that profits did not increase while there was no debt outstanding. Businesses applying for this amount had to agree not to pay cash bonuses to senior management until the facility was fully refunded while similar restrictions were imposed for profit.

Richard Warren, head of policy at Trade Body UK Steel, said state support would be welcome, but Mr Quarting did not give industry representatives any indication on what help would be available.

“Loans will recover in the short term, but we need a mechanism to secure the industry in the long run,” he said.

“We have not seen the details of what the foreign secretary has presented. We need to look at these details but the loan scheme that has been reported will not solve the basic problem.

“It can solve a problem for businesses that have an immediate cash flow problem. It allows them to pay their electricity bills.

“But that’s not the problem. The problem is the very high energy costs. As long as you produce steel, you can’t sell it and you have a huge debt.”

The British steel industry has been demanding for years that Germany and France be placed on an equal footing with their rivals. According to UK Steel, plants in the UK pay 80% more for their energy than their German rivals.

UK Steel General Director Gareth Stacey said. BBC News“If, as a result of this package, we are still paying 80% more for energy than our competitors in continental Europe, then this is indeed a huge crisis we are going through at the moment.”

Conservative front bench Lord Agno added on Monday that rising energy costs had nothing to do with supply shortages, but with a “geopolitical move” by Russia to put pressure on Europe. The finance minister seems to be moving ahead of the government in pointing the finger directly at Moscow for the current crisis.

“The current pressure on gas prices has nothing to do with the amount of gas,” he told colleagues in the House of Lords. This is Russia’s geopolitical move to put pressure on Europe, and we are stuck in it. Public ownership of our own utilities will not be affected.

The treasury has been contacted for comment.

%d bloggers like this: