Following a review of the Energy Bill Relief Scheme, the government has announced that they will be launching a UK-wide Energy Bills Discount Scheme.
This new energy support scheme will provide all eligible UK businesses and other non-domestic energy users with a discount on high energy bills until 31st March 2024, following the end of the current 6-month scheme which has matched business energy support with that of households.
The package provided thus far, totalling £18bn, has been unprecedented and the huge scale meant that it had to be time limited. As such, this new scheme looks to strike a balance between supporting businesses and limiting tax payers’ exposure to volatile energy markets with a cap set at £5.5bn.
Alongside extending energy support for businesses, the government has also announced that it will be reducing business rates bills over the next 5 years, cutting fuel duty by £2.4bn and implementing no corporation tax rises for businesses with profits under £50,000.
I have been in contact frequently with our fantastic local businesses and welcome this move.
If you are a local business please do not hesitate to get in touch on this issue and any other.
