UK government limits energy bills for businesses for 6 months

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LONDON (TBEN) – The British government said on Wednesday it will cut wholesale energy bills for businesses this winter as part of a package of measures to protect people and businesses from rising energy prices.

Prime Minister Liz Truss said the limit will apply for six months from Oct. 1, and will ensure businesses “get through the winter”.

She added that shops and pubs will benefit from financial aid on their energy bills after the initial support period.

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“We will evaluate it after six months. We will ensure that the most vulnerable businesses, such as pubs, such as shops, continue to be supported after that,” said Truss, who is in New York to attend the UN General Assembly.

The announcement follows similar measures announced earlier this month to lower domestic energy prices to help millions of people struggling to heat their homes amid a cost of living crisis.

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Truss said on Sept. 8 that the two-year “energy price guarantee” means the average household bill for heating and electricity won’t be more than £2,500 ($2,872) a year. The bills would rise to £3,500 ($4,000) a year from October, an 80% increase from the current average annual bill of £1,971.

The government estimated that the measures will reduce rapidly rising inflation in the UK.

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