British taxpayers have been forced to subsidise the very Chinese steel companies that are threatening 40,000 UK jobs, critics say
It comes after revelations that the European Investment Bank has given so-called “soft loans” to China of £80million as part of a climate policy intended to lower emissions.
The astonishing figures include a loan of £40million to one of the world’s worst “steel dumping” culprits, the Wuhan Iron & Steel Corporation.
To add insult to injury Wuhun, the world’s eighth largest steel producer, boasts the Chinese state as its main shareholder.
Wuhun is such a prolific steel dumper that it has now been especially targeted by the European Commission, which wants to slap it with 36.6 per cent tariffs....“The EU is supposed to be careful who it lends money to, and lending to a foreign government in order to create competition to British industry is not what we had in mind.”...“This is insane.
Already, thanks to our EU membership, we’ve lost control of our trade policy and lack any ability to support the competitiveness of our steel industry.
...“Now we learn that the EU has been making loans to state-owned Chinese steel makers, who are then able to sell below cost back into the EU and our UK government has been powerless to intervene as it should have done due to the EU state-aid rules.
...Former Trade and Industry Secretary Peter Lilley added: “I never cease to be amazed by the capacity of self-harm by European institutions, particularly when they become embroiled in climate policy..."
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