Prime Minister Liz Truss has recently outlined strong measures to help households and businesses cope with rising energy costs.
To prevent the UK from finding itself in a similar position in the future, Prime Minister Liz Truss has laid out a plan of immediate and decisive action to help households and businesses lower their energy costs and address the underlying problems in the energy market by increasing supply.
A typical UK home will now spend up to an average of £2,500 per year on their energy bill for the next two years as a result of a new “Energy Price Guarantee” that goes into effect on October 1st. All homes will automatically be subject to this.
This will save the typical household, in addition to the £400 energy bill discount for all homes, at least £1,000 a year based on the energy costs in effect as of October.
Many businesses are reporting expected rises in energy prices of more than 500% because they have not benefitted from an energy price cap and because they are unable to consistently control their energy price via fixed arrangements.
Businesses and other non-residential energy users (such as charity and public sector organisations like schools) will get equivalent assistance under a new six-month scheme. This will shield them from ever-increasing energy prices and provide the stability that is essential for strategic business planning.
After the first six-month period, the government will continue to offer targeted help for struggling sectors. A review will be conducted in three months to determine who exactly will receive this assistance.
If your business is feeling the squeeze with the current high energy costs, get in touch with us at email@example.com and we will work with you through your accounts and finances to help support you.