Today the new Prime Minster, Liz Truss, has announced there will be an energy price guarantee applied for two years for homes in Britain.
Businesses will be offered an equivalent scheme for six months and then reviewed every three months. However, the details have not yet been published and will be announced by Chancellor Kwasi Kwarteng in the coming weeks.
After the protection for businesses expires in six months, a replacement price protection scheme will be put in place to help only the most vulnerable businesses. There will be a review in the next three months to decide which vulnerable businesses – such as pubs – will receive additional support beyond next spring.
The Government has created a new energy supply task force and is already negotiating with suppliers to bring down the cost of energy. Below are some of the key proposals:
- New licencing round for North Sea oil and gas contracts. It is expected that 100 licences will be issued.
- Fracking ban to be lifted.
- Acceleration of new clean energy: nuclear, wind, & solar.
We await further details from the Government on how the support to business will work and will keep you regularly updated.
The Government statement can be found on the following link: