(Bloomberg) —
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The UK will set out how it plans to support businesses facing surging energy costs next week, Prime Minister Liz Truss’s spokesman said, adding that the measures would be backdated to Oct. 1 if needed.
The government is still working on details of the package, including whether it needs legislation, spokesman Max Blain told reporters at a regular briefing Wednesday. Ministers are also looking at whether the Parliament recess, due to start at the close of business on Sept. 22, can be changed. That would allow for a potential announcement on Sept. 23.
Thousands of businesses face a steep price rise in energy costs within weeks as many fixed-price contracts expire, leading to fears that promised support would not arrive in time.
The government’s plans were thrown into disarray last week with the death of Queen Elizabeth II, which was announced just hours after Truss had set out a sweeping package of measures that would effectively cap energy prices for consumers for a period of two years.
But she gave little detail on what her government is planning for businesses, beyond a pledge that the support would be “equivalent” to the intervention for households — though only for an initial six months.
Businesses Fear Delay to UK’s Energy Support Package
Conversations between government officials and firms have so far not contained details of exactly what unit price the government will set for firms’ energy, or when it is likely to come into force, Bloomberg reported Tuesday.
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