The federal government will miss its deadline for outlining the subsequent part of energy-costs help for companies, Jeremy Hunt has admitted.
In his Autumn Assertion final month, the chancellor stated that the Treasury-led overview of the Vitality Invoice Aid Scheme (EBRS) could be revealed by 31 December.
The overview is contemplating the extent of help that non-domestic vitality prospects ought to obtain past 31 March 2023, when the EBRS is because of expire.
The EBRS, which was introduced in September, supplies six months of energy-costs help for non-domestic prospects in step with the parallel package deal that limits common family payments to £2,500 every year.
Nevertheless, within the Home of Commons yesterday, Hunt stated that “early within the New 12 months” the federal government would deliver ahead “an applicable package deal on what is going to occur from subsequent April”.
Later, throughout Treasury query time, Hunt repeated that “early within the New 12 months we’ll announce how that help will proceed after April.”
Based on the Autumn Assertion, the size of help the federal government would supply through the EBRS post-March could be “considerably decrease” and focused on the “most affected” companies.
The Monetary Occasions and Sunday Times reported final weekend that Hunt was because of announce a package deal this week that will give low-level common help for energy and heating payments to all firms when the EBRS ends.
It was additionally reported that additional focused help could be supplied to energy-intensive companies, comparable to steelmakers, in addition to different weak sectors like hospitality.
A place paper, revealed final week by the Vitality Intensive Customers Group of heavy energy customers comparable to metal and cement makers, says a lot UK manufacturing might not be commercially viable except the federal government extends its payments reduction for companies when the EBRS ends.