The government has been heavily criticised for allowing British Steel to fail.
The desire to proceed cautiously is understandable, the business is in such a perilous financial state that it would probably have ceased trading altogether when talks broke down were it not for the support of the Official Receiver.
Advancing 30 million of taxpayer money into a deeply insolvent company carries the obvious risk it wont be paid back.
Although the same logic presumably applied three weeks ago when the government provided the company with a 120m bridging loan to pay a EU emissions bill.
Earlier, The Business Secretary, Greg Clark, told me hed strained every sinew to save the British Steel.
The official reason for declining the latest …
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