This winter, the UK will more than halve the wholesale cost of energy for electricity companies and government agencies. The government revealed on Wednesday along with additional subsidies meant to fend off a wave of business failures.
Chancellor Kwasi Kwarteng said that the government had “stepped in to stop businesses collapsing, protect jobs and limit inflation,” expected to cost tens of billions of pounds.
Liz Truss, the UK prime minister, announced a huge energy business support package this month that is expected to cost £150bn, under which the government aims to help UK households and companies with electricity bills and surging gas.
Stephen Phipson, chief executive of Make UK said rates would probably “remain high for many months to come”, meaning “industry will need support for a longer period to protect jobs and remain competitive.”