New PM introduces Energy Price Guarantee

• Support for businesses
• Suspension of green levies

Prime Minister, Liz Truss has announced that the Government was moving immediately (8 September 2022) to introduce a new Energy Price Guarantee that would give greater certainty on energy bills, curb inflation and boost growth.

She said the guarantee included a temporary suspension of green levies and mean that from 1 October a typical household would pay no more than £2,500 per year for each of the next two years while the market recovered. This would save a typical household £1,000 per year, in addition to existing £400 support scheme.

Equivalent support will be provided for all businesses, charities and public sector organisations for six months with further support for vulnerable sectors such as hospitality to follow.

There will also be equivalent support for those using heating oil, or in park homes.

Emergency legislation will deliver this policy.  The Minister’s Statement can be read here and the Fact Sheet here.