Energy bill support for firms to be reduced from April

    Simpson Wood
    28th February 2023
    Home » Categories » Business » Energy bill support for firms to be reduced from April

    Businesses will receive reduced support for their energy bills from April as the UK government attempts to cut the cost of compensating for soaring gas and electricity prices, the Treasury has confirmed.

    The Treasury said that the government will cap support at £5.5 billion for businesses over 12 months from 1 April 2023.

    Bills will automatically be discounted by up to £6.97 per megawatt hour (MWh) for gas bills and by up to £19.61 per MWh for electricity bills, a statement said.

    Heavy energy-using sectors, like glass, ceramics and steelmakers will receive a discount reflecting the difference between a price threshold and the relevant wholesale price.

    The energy support scheme is mainly used by businesses but is also for charities and public sector organisations such as schools and hospitals.

    Chancellor Jeremy Hunt said:

    ‘My top priority is tackling the rising cost of living – something that both families and businesses are struggling with.

    That means taking difficult decisions to bring down inflation while giving as much support to families and business as we are able.’

    Internet link: GOV.UK

    Need Some Advice?

    Looking for some help or a little advice?

    Call today on 01484 534431 or fill in our enquiry form below, and we’ll call you back.

    Autumn Budget 2024 Guide

    The Autumn Budget was delivered by the Chancellor Rachel Reeves on Wednesday 30 October. In presenting Labour’s widely anticipated first Budget in 14 years, the Chancellor was faced with a…

    Autumn Budget 2024 Key measures at a glance

    Following Rachel Reeves’ budget earlier today we have summarised below the key tax changes and announcements she has made: Our full detailed guide on the Budget and our Tax Tables…

    IPSE calls for fairer off-payroll rules in Budget

    IPSE calls for fairer off-payroll rules in Budget The Chancellor should use her Autumn Budget to make off-payroll working rules ‘fairer and more effective’, according to the Association of Independent Professionals…