Unfortunately, there could be a serval week delay on the energy price cap that was promised to UK businesses last week by PM, Liz Truss. A spokesperson for the prime minister has now said that although there could be a few weeks’ delays on funding, companies would receive backdates of payments to ensure they still receive support for October.
The spokesperson for the PM also stated that the delay in aid for businesses is not due to the national 10-day mourning period currently taking place for the Queen’s death. This issue has come from a brand-new price cap system having to be set out for businesses as the energy prices for commercial and domestic customers vary, therefore a new scheme will have to be set out.
The main reason for the delay is due to the likelihood of business support needing a new legislation to be enacted. Although the government have said they are unsure of whether this will be needed, due to the expenses the support will cost this is probable to be necessary.
When will there be an update about the business energy price cap?
The government have so far said that there should be an update sometime next week which should lay out the full details of the energy support package. However, as well as the date not being set, we still do not know how much information the government is going to provide businesses with.
What happens if your business cannot afford bills in October?
So far, the government have said that support will be backdated to ensure that businesses receive support for their bills for October. Still, some businesses are unsure whether they will be able to cope with bills for another month. The government has urged energy companies to not cut off energy supplies for businesses that are unable to afford bills if support takes longer to arrive.
This has not given much hope to many businesses that are still worried about whether they are going to be able to get through the winter. If you are worried about your business energy bills, get in touch with one of our energy consultants today.
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