EU regulators approve UK's 600 million pound "Green Deal" funding

BRUSSELS (Reuters) - European Union regulators gave approval on Tuesday for Britain's 600 million pounds ($944 million) of public support for the "Green Deal" energy-efficiency scheme.

The European Commission, which acts as regulator for state aid and competition matters in the 27-member European Union said the scheme was a well designed way to achieve a common objective of improving energy efficiency.

"The UK Green Deal allows consumers and businesses to improve the energy efficiency of their buildings without making huge upfront investments," EU Competition Commissioner Joaquin Almunia said in a statement.

Britain's Green Deal permits loans to homeowners to help them pay for efficiency measures such as loft insulation, modern boilers, draught proofing and other materials.

(Rex Merrifield, Brussels newsroom)