Pedestrians pass illuminated skyscraper offices in the Canary Wharf business, financial and shopping district of London, UK. Picture: BLOOMBERG/SIMON DAWSON
The government is trying to shield companies from the worst effects of energy prices that have soared since Russia squeezed pipeline flows to Europe after being sanctioned over its invasion of Ukraine. Documents seen by Bloomberg two weeks ago estimated the package may cost from £21bn to £42bn over six months. It is separate from a £130bn plan to help households with their energy bills.
In the UK, business energy costs aren’t limited by regulator Ofgem’s household price cap or by the government’s Energy Price Guarantee for households, so many small businesses have shut in the face of seismic jumps in their bills. “The package will ease worries about otherwise viable businesses shutting up shop, and smaller companies, especially, will benefit from the discounted rate,” Matthew Fell, chief policy director for the Confederation of British Industry, said in an email.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BBCAfrica - 🏆 23. / 61 Read more »
Source: BISouthAfrica - 🏆 34. / 51 Read more »