The United Kingdom, on Wednesday, unveiled a six-month plan starting in October to pay about half of energy bills for businesses, as Prime Minister Liz Truss targets the soaring cost of living.
The announcement comes ahead of a mini-budget Friday when finance minister Kwasi Kwarteng is expected to unveil tax cuts to help a nation struggling with decades-high inflation.
Wholesale electricity and gas prices for businesses as well as charities, hospitals and schools will be capped at half the expected cost on the open market, the government said in a statement.
The scheme comes after Truss launched plans for a two-year household energy price freeze which also starts next month.
“We have stepped in to stop businesses collapsing, protect jobs and limit inflation,” Kwarteng said Wednesday.
The chancellor of the exchequer’s budget will seek to boost economic growth amid forecasts that Britain will this year sink into recession on sky-high energy bills…