A Treasury spokesperson said: “We are protecting businesses from high energy costs this winter, caused by Putin’s invasion of Ukraine, through the six-month £18bn Energy Bill Relief Scheme. Longer-term affordability“However, this is very expensive, and we need to ensure longer-term affordability and value for money for the taxpayer. "That is why we are currently carrying out a review with the aim of reducing the public finances’ exposure to volatile international energy prices from April 2023.”Additionally, the Treasury stated the overall scale of support for businesses will cost the taxpayer significantly less than planned compared to the initial six-month Energy Bill Relief Scheme. However, UKHospitality chief executive Kate Nicholls shared on Twitter if the proposed plans to halve support were to go ahead, it would be “absolutely devasting” for the sector. Furthermore, the BBC​ claimed the Chancellor was scheduled to meet with business groups, including UKHospitality, today.

Source: The Times January 04, 2023 23:59 UTC