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Posted 4 weeks ago | 3 minute read

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Truss sets out energy-aid package

Incoming Prime Minister Liz Truss has set out plans to introduce emergency legislation that aims to lower energy bills for UK households and businesses.

Business energy prices have been rocketing for 15 months with increases proportionately higher than those experienced by households. The result is that the largest business consumers had seen unit price increases of 170% year on year for gas and 37% for electricity. To support UK businesses through the crisis and in her first major move in the leadership role, on 8 September, Truss announced the introduction of an Energy Price Guarantee for businesses for the next six months. This will include support for charities and public buildings such as schools and libraries.

There will then be further support for vulnerable sectors such as hospitality, the prime minister said. The prime minister also suggested businesses should look at ways to become more energy efficient and look to produce their own energy.

She also said the UK will improve energy self-sufficiency through greater use of nuclear power, increased extraction of oil and gas from the North Sea, the ending of a moratorium on fracking, and continued investment in renewables such as hydrogen, solar and wind.

Other key points of the government’s intervention in the energy market include:

The chancellor is expected to provide further details when he makes a fiscal statement later this month, but Truss says she will curb inflation by up to 5%.

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25 August 2022

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