New UK Prime Minister Liz Truss is set to launch a £40bn support package for businesses to help lower their energy bills.
Bloomberg reported that the plan would help firms cope with the soaring energy costs, which are making it unviable for some factories, pubs and shops to keep running as prices rise and winter approaches.
Bloomberg’s Alex Wickham reported: “Truss is considering two options, either setting a guaranteed unit price that businesses will pay, or a percentage or unit price reduction that all energy suppliers must offer firms, according to documents seen by Bloomberg. The government would agree to reimburse energy suppliers for their losses and the price of energy charged to businesses would be reviewed quarterly.”
The policy will be announced this month with the aim of implementing it in October.