Back when we had a Queen the ‘govern’ment announced they would be helping businesses with their energy bills, this morning the plans were announced.
The suggestion was that there would be a cap on unit costs of energy for a 6 month period, this has been confirmed.
The details are being announced as we write this and look very much like this:
The cap will be in force from October 1st 2022 – March 31st 2023
Will also apply to any fixed contracts agreed since April 1st
Gas cap set to 7.5p per kWh (£75 per MWH)
Electricity cap set to 21.1p per kWh (£211 per MWH)
There will be a review in 3 months time to look at support options from the 31st March, ‘venerable businesses’ is a phrase the government has used previously and Hospitality has been mentioned by name in this respect before.
You will not need to contact your supplier, this will be automatically applied to your bill. This will however not show up in your October bill but received in your November bill onwards.
There are rumours other announcements will be made on business issues such as a back track on National Insurance and a reduction in Corporation Tax. Hoping to confirm this by the end of the week.