News Item: Government Announces Energy Help for Businesses
The new UK Prime Minister Liz Truss has announced 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.
The scheme will run for six months (in contrast to two years for domestic customers) although this will be reviewed in three months' time to see if the help should be more targeted towards certain industries, giving businesses certainty. It could then be extended for vulnerable businesses.
The PM said: "We will provide support to vulnerable sectors", adding that the Business Secretary will work with businesses to review where this should be targeted, to make sure support goes to those most in need.
The ban on fracking (shale gas extraction) in England will be lifted, and there is a new joint Treasury/Bank of England funding support package for the energy sector.
The Chancellor of the Exchequer will make a Fiscal Statement later in September.
Details of the support for businesses can be found here.