London's claim as a global green finance hub suffers Brexit blow as ICE shifts contract auctions for EU emissions trading system to Amsterdam

Government refusal to link carbon market to EU’s has led to higher cost for British businesses.

The EU suspended the company’s free carbon permits as part of Brexit no-deal contingency planning.

The UK’s second-biggest steel production company has been left in need of an emergency loan because of the failed Brexit negotiations. British Steel, which employs 5,000 people across the UK, is said to be in talks with Whitehall for a £100 million loan after it got frozen out of an EU-wide carbon trading scheme.

British Steel Ltd. may face a financial hit of 100 million pounds ($130 million) or more in three weeks if Prime Minister Theresa May is unable to secure a Brexit deal, two people familiar with the matter said.

British Steel has said it is seeking further financial support from the government to help it address "Brexit-related issues".

Although we have left the EU, there are still many issues to be resolved. One of the biggest dangers is that if the NI Protocol breaks so will the UK-EU trade deal.

ICE says EU contracts will shift from U.K. to Netherlands. / Traders had warned of cost and risk in post-Brexit London.

EU and UK businesses will face ‘inevitable’ extra costs while the post-Brexit trade deal remains in place, European Commission Vice-President Maroš Šefčovič warned on Monday (12 June), playing down the prospect of a major overhaul of the agreement.

The inefficiencies of Brexit cost UK consumers hundreds of millions of pounds, just as food and energy prices surged.

Trading of European carbon futures will move to Amsterdam from London in the coming months, Intercontinental Exchange (ICE) announced last night.

UK businesses are paying 10 per cent more than their EU counterparts to trade their emissions following Brexit.

According to experts, the best long-term environmental and economic measure Tory ministers could adopt is a close relationship with the EU market.

The Government has effectively made it cheaper for firms to pollute in Britain in what some see as another anti-green move by Rishi Sunak’s administration.