Government Energy Support Package for Businesses
Government Energy Support Package for Businesses
Posted on 8 Sep 2022
The new Prime Minister Liz Truss has announced the much-anticipated support plan to help households and businesses cope with rising energy costs.
The Prime Minister announced a £2,500 annual energy price cap for two years from start of 1st October for consumers and a new six-month scheme for businesses which will provide equivalent support to that being offered to consumers.
This figure takes account of the removal of green levies and will replace the existing energy price cap. This means that businesses will see their energy costs capped at the same price per unit - or kilowatt hour (kWh) - that households will pay under the government's new plans. This support for businesses will be reviewed by Business Secretary Jacob-Rees Mogg within three months time to identify where more targeted support should be given.
The Prime Minister also announced two new reviews to improve the UK’s energy security. The first is a review of energy regulation that will focus on addressing long-term supply and affordability of energy, while the second will be a review of how the government can reach net zero in a way that is pro-business and pro-growth.