Energy bills crisis: support announced for businesses

Earlier today, new Prime Minister Liz Truss announced that financial support will be offered to businesses in England, Scotland and Wales in response to the energy bills crisis. Here’s what we know so far. 

Business energy bills will be capped for six months

We learned in today’s announcement that from 1st October 2022, household energy bills will be capped at £2,500 a year. The prime minister confirmed that energy prices for businesses will be capped at the same price per unit, under a scheme that is set to last for six months. After this period, ‘ongoing, focused support’ will be introduced for vulnerable industries. A review to identify these industries will be completed within three months. 

Although the government has said the same level of support will be made available to households in Northern Ireland as in the rest of the UK, it’s not yet known whether similar support will be introduced for businesses in Northern Ireland. 

Supporting you through the crisis

Here at FreeAgent, we’re committed to supporting our Practice Partners and their small business clients through the challenges they face. As we learn more, we’ll be keeping our blog up to date with all the information that practices and small businesses might need as they navigate this latest crisis, and we’ll share the key takeaways from the upcoming Budget later this month.