Today (8th September) new Prime Minister Liz Truss announced the much-anticipated support plan to help households and businesses cope with spiralling energy costs.
Speaking to the House of Commons, Prime Minister Liz Truss said: “I recognise that people are struggling with their energy bills and that is why I have brought forward this debate as soon as possible to give people reassurance before this winter that energy bills will be affordable.”
The Prime Minister announced an Energy Price Guarantee which sees a £2,500 annual 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 support scheme for businesses’ will be reviewed in three months’ time to see if the help should be more targeted towards certain industries.
In addition to the cap, a new Energy Supply Taskforce has been created to negotiate long-term energy contracts with domestic and international suppliers of energy.
ACS chief executive James Lowman said: “We welcome the announcement for the support for businesses which is much-needed and long-awaited. We have been calling for a price cap for local shops in line with what we already see in the domestic market. While we are pleased that the Government has taken action to support businesses with their spiralling energy costs, we are clear that help may be needed for local shops beyond the current 6 month timeframe.
“Local shops play an essential role in both the economy and to our communities and it is vital that this is considered when reviewing the support that is being offered.”
The Prime Minister also announced two reviews, one focusing on energy regulations to fix ‘underlying problems’ and a second review to ensure net zero is delivered by 2050 in a way that is ‘pro-business and pro-growth’.
Chancellor of the Exchequer Kwasi Kwarteng will set out the expected costs of the energy package later this month in a fiscal event.
