Reacting to the Prime Minister’s plan to support energy bills for businesses and households, Charandeep Singh BEM, Deputy Chief Executive, Scottish Chambers of Commerce, said:

“Finally, some relief for businesses and households from the new Prime Minister. The much-needed certainty for households through the capping of household energy bills for two years is welcome and the right course of action.

“Businesses, however, have been facing crippling rises in the cost of energy and will have hoped for a more long-term fix to soaring energy bills. The energy price guarantee for businesses is initially planned for six months, compared to two years for households. While this will give firms some financial certainty, it is crucial that there is a review at three months so there is time to plan for the end of the six-month period. 

“More clarity and detail are also needed on whether the unit cost applied to household customers will be applied to business customers.

“Even with today’s announcement, businesses still need further direct financial support, in the form of emergency grants for SMEs and a cut in VAT on energy bills. All eyes will now move to the planned fiscal event towards the end of this month, where firms need the UK Government to step up again and provide this critical support.”