UK industry bodies have called on the government to allow firms to renegotiate contracts signed when wholesale gas prices peaked last summer amid fears unaffordable bills will force many to close.
Businesses will receive reduced support for their energy bills from the end of March, with the Treasury announcing that the government would provide £5.5bn of “transitional support” for businesses over 12 months from 1 April 2023.
The new scheme will be less generous than the current one in providing energy support for businesses, charities and public sector organisations, and will offer a discount on wholesale prices rather than a fixed price.
The existing scheme, which began in October and has been estimated to cost about £18bn for the six months it will stay in place, caps the unit cost of gas and electricity for all businesses until the end of March.
We’d like to hear from business owners how they expect to be affected by the government’s new support scheme.
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