UK eases pressure on business by halving energy bills this winter | World News,The Indian Express
The government did not publish any estimate of the cost, but reports have put the price of six months of support at up to 42 billion pounds, on top of more than 100 billion pounds for a previously announced scheme to help households.
Wednesday, Sep 21, 2022
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HomeWorldUK eases pressure on business by halving energy bills this winter
UK eases pressure on business by halving energy bills this winter
The government did not publish any estimate of the cost, but reports have put the price of six months of support at up to 42 billion pounds, on top of more than 100 billion pounds for a previously announced scheme to help households.
By: Reuters
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London | September 21, 2022 4:17:09 pm
A employee walks inside a Sainsbury's supermarket in Richmond, west London, Britain (REUTERS/File photo)Britain pledged on Wednesday to cap wholesale electricity and gas costs for businesses at less than half the market rate from next month, helping relieve the pressure of soaring energy costs but adding to the government’s fast-rising spending.
Wholesale prices for electricity will be capped at about 211 pounds ($239) per megawatt hour (MWh) and for gas at 75 pounds per MWh, compared to forecast market rates of 600 pounds and 180 pounds respectively.
“We have stepped in to stop businesses collapsing, protect jobs and limit inflation,” finance minister Kwasi Kwarteng said.
Wholesale gas and electricity prices in Europe surged after Russia invaded Ukraine and have remained volatile since.
Groups representing businesses from pubs to steelmakers welcomed the intervention, saying the government had thrown a lifeline to companies battling to survive.
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