Chancellor Jeremy Hunt is set to slash the Government’s energy support package for businesses, halving the £40billion-worth of state support currently being provided to help firms cope with surging energy bills. According to Steven Swinford, Political Editor of The Times, Mr Hunt will send the level of financial support for businesses plummeting due to concerns about taxpayer exposure.
He tweeted: “Jeremy Hunt is poised to halve financial support on energy bills for businesses amid concerns about taxpayer exposure.Govt poised to announce package worth less than £20billion – half the current level – from April of next year.”
He added: “Ministers had been planning to focus support on most vulnerable businesses – hospitality, retail, leisure and high energy users. But energy companies have said they just don’t have the data to easily delineate between different sectors. Government now looking at a lower universal offer.”
This is a breaking story. More to follow.
