Government to set out details on business energy support at mini-budget next Friday

By James McAllister

- Last updated on GMT

Government to set out details on business energy support at mini-budget next Friday

Related tags Energy costs Finance Government Inflation Legislation ukhospitality

The Government is set to deliver a mini-budget on Friday 23 September, which will include details of Prime Minister Liz Truss's plan to support businesses struggling with soaring energy costs.

Sky News reports​ that the timing of the fiscal event has been constrained due to Parliament being currently suspended while the country is in a 10-day period of national mourning following the death of Her Majesty the Queen, and with Truss due to fly to the United States for the UN General Assembly following the monarch’s funeral on Monday (19 September).

Truss announced last week​ that businesses are to get a six-month support package to reduce their energy bills, but further information on the delivery of the support package is yet to be published.

Kate Nicholls, chief executive of trade body UKHospitality, has said businesses need clarity as soon as possible​.

“Hospitality businesses are battling for survival in face of soaring bills, inflationary headwinds and cost of living squeeze need VAT cuts and business rate relief as well as energy cap,” she wrote on Twitter earlier this week.

In her address to the Commons, Truss described the hospitality and pub sectors as 'vulnerable' and said that the Government was working with businesses to offer more support beyond the initial six month period.

“After those six months we will provide further support to vulnerable sectors such as hospitality, including our local pubs,” she said.

Dr Roger Barker, director of policy at the Institute of Directors, said businesses need absolute clarity as fast as possible as to who will and won’t be helped, depending on the nature of their contracts.

“This is essential for businesses trying to plan their cashflow requirements in the next few months.”

Downing Street has promised more details about the support that would come next week alongside a pledge to backdate energy costs for businesses if there is a delay to getting the complex new scheme off the ground.

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