The subsidies had been unveiled under the short-lived administration of former premier Liz Truss. Read more at straitstimes.com.
The government is currently subsidising energy costs to protect consumers and firms after theFinance minister Jeremy Hunt announced Monday that the support for businesses, due to expire in late March, would be overhauled and extended by one year until March 2024.
The cost of the scheme to taxpayers over the next year will be no more than £5.5 billion, making it much less generous than the previous policy which cost around £18 billion . Mr Hunt told business leaders last week that the amount of assistance provided so far was “unsustainably expensive” and could not continue.
It was unveiled under the short-lived administration of former premier Liz Truss, who was succeeded by Rishi Sunak in a Tory leadership contest. But Mr Tom Thackray of the business lobby group CBI acknowledged that it was “unrealistic to think the scheme could stay affordable in its current form”.
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