The UK government will pick up nearly half of the soaring energy bills of British businesses to ensure they do not go bust, ministers have announced.
Business Secretary Jacob Rees-Mogg announced a new Energy Bill Relief Scheme, which will provide a discount on wholesale gas and electricity prices for all non-domestic customers, including all UK businesses, the voluntary sector like charities, and the public sector such as schools and hospitals.
Rees-Mogg said the scheme, which will run from October, will provide businesses and institutions an “equivalent level of support” to the Energy Price Guarantee already put in place for households.
British Business Secretary Jacob Rees-Mogg arrives in Downing Street for the first cabinet meeting after Liz Truss took office as the new prime minister, in London, on Sept. 7, 2022. (Carl Court/Getty Images)
The “supported wholesale price” is expected to be £211 ($239) per megawatt hour (MWh) for electricity and £75 ($85) per MWh for gas….