UK to cut business energy prices by more than half

The UK is battling the worst cost-of-living crisis in a generation, and the government is scrambling to try to contain inflation stoked by Russia’s restriction of gas supplies to Europe following its invasion of Ukraine.

The government said on Wednesday its emergency energy support scheme for businesses would mean certain companies secured a drop of up to 50 per cent in their gas and electricity bills compared with if ministers had not intervened. Jacob Rees-Mogg, business secretary, said the cost of the government’s company support scheme would be “tens of billions of pounds unquestionably”.

Under the scheme the level of “price reduction for each business will vary depending on their contract type and circumstances”, said the government. The scheme will apply to all energy contracts signed with suppliers since April 1st and will last for six months from October 1st.

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