Incoming Prime Minister Liz Truss is finalising plans for a £40 billion support package to lower energy bills for UK business.
Truss is considering two options, one of which is a cap on firms’ energy costs similar to a proposal that would protect British households. The other option is a percentage or unit price reduction that all energy suppliers must offer companies, according to documents seen by Bloomberg.
The government would reimburse energy suppliers for their losses, under the plans, and the price of energy charged to businesses would be reviewed quarterly.
Very small businesses could receive even more help, possibly in the form of a lower price cap. Ministers have a “key objective” to give local firms -- such as fish and chip shops, and independent pubs -- the same protection as households, the documents said.
Full details are expected to be released soon.
This information was published 6/9/2022, on Twitter, published by Alex Wickham of Bloomberg
Last week, the British Chambers of Commerce published its proposals including an emergency energy grant for small and medium-sized enterprises (SMEs), a temporary cut in VAT to 5% as well as the scrapping of the NI increase.
On Monday, the Institute of Export and International Trade called on Truss to immediately set up a taskforce to help micro-, small- and medium-sized businesses on issues such as the rising cost of energy.
“The challenge now is to deliver action that is big and bold enough to match the scale of the crisis threatening the existence of many small firms, and the jobs, livelihoods and communities which depend upon them,” said Martin McTague, national chair of the Federation of Small Businesses (FSB).
For information on how Pro Enviro can help your company reduce its energy consumption, and create and implement your net-zero decarbonisation strategy, please call us on 01788 538150 www.proenviro.co.uk