Tuesday 20 September 2022

Chancellor looking at ‘blanket energy bill discount’ for businesses

The Chancellor is considering a blanket discount on business energy bills ahead of the mini-Budget, expected to be revealed on Friday.

Officials are reportedly looking at an option that could see companies receive a fixed reduction to the rate they pay per kilowatt per hour on their bills.

The support is expected to help businesses tackle the rising energy prices, given that a potential price cap could not work effectively in the same way as it does with households.

Kwasi Kwarteng is preparing a detailed plan that could help businesses deal with the energy crisis and the rising cost of living - the package is set to include a raft of tax cuts.

The Prime Minister had previously promised that businesses would be offered six months of support, equivalent to the price guarantee announced just a few hours before the death of Her Majesty The Queen.