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The government has announced unprecedented support to protect households and businesses from high energy prices. The Energy Price Guarantee and the Energy Bill Relief Scheme are supporting millions of households and businesses with rising energy costs and the government has stated that these schemes will continue to do so from now until April next year.
However, the government states 'that it would be irresponsible…to continue exposing the public finances to unlimited volatility in international gas prices'.
Consequently, a Treasury-led review will be launched to consider how to support households and businesses with energy bills after April 2023. The aim is to design a new approach that will cost the taxpayer significantly less than planned whilst ensuring enough support for those in need. The government has also stated that any support for businesses will be targeted to those most affected and that the new approach will better incentivise energy efficiency.
However, this is not the end of the story. Government departments will be asked to find efficiencies within their budgets and the Chancellor is expected to announce further changes to fiscal policy on 31 October to put the public finances on a sustainable footing.
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Keep up to date on the latest from the world of business and tax with our daily news stories.
25 Apr 2024
Figures have shown that UK borrowing over the last financial year was £7.6 billion lower when compared to the year before.
24 Apr 2024
Data published by HMRC has revealed that inheritance tax (IHT) receipts rose to a record high of £7.5 billion in the 2023/24 tax year.
23 Apr 2024
The government has been accused of confusing small firms before new import rules on plant and food products are introduced, according to the Federation of Small Businesses (FSB).
22 Apr 2024
HMRC's pilot scheme for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) launches today (22 April).