We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Details of the emergency package outlined by Liz Truss hours before the Queen died are being set out in parliament tomorrow. Businesses have been told they will be given six months of support but not how and when.
Some firms have reported energy costs tripling or quadrupling and many pubs now pay more in gas and electricity than on rent.
Business Secretary Jacob Rees-Mogg will announce the measures being put in place to shore up otherwise viable businesses in a statement to the Commons.
Speaking about the concerns raised by firms during a trip to New York, Ms Truss said: “I understand how difficult it is.
“That is why I’ve put in place the energy price guarantee and we are introducing a similar scheme for business. It will make sure that businesses are protected from those very high prices that were being predicted.”
“What more I can say is that for businesses that are vulnerable, who don’t have the wherewithal to invest in their own energy supply we will be providing support in the longer term.
“That does include businesses like pubs. The Business Secretary is conducting a review of exactly which businesses will be included – that review will be completed within three months.
“I can reassure people who own pubs that they are exactly the type of businesses that will get that longer term support.”
The government is freezing the price on a unit of energy from October 1 to help protect households from soaring costs.
A typical family will pay around £2,500 over the year for their bills but will also receive an already planned £400 reduction in bills this winter.
Ms Truss said: “I understand that people are very, very concerned and I would love to be providing them with reassurance because it’s important that we help households through this difficult time.
“We help businesses through this difficult time. And what this package will also do is curb the effects of inflation.”
Source: Read Full Article