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BCC welcomes 'quick and positive' action to curb spiralling energy bills

The Chamber network has welcomed the new Prime Minister’s ‘quick and positive’ action to curb spiralling energy bills for businesses as part of plans to protect both firms and households from rising costs.

Liz Truss said energy bills for businesses would be capped for six months, with targeted support for vulnerable firms beyond that.

She announced the ban on fracking in England would end, meaning production of domestic shale gas could begin in as little as six months.

Shevaun Haviland, Director General of the BCC, said: “The BCC welcomes this quick and positive intervention from Government. It is clear the new Prime Minister has listened to firms and is providing a strong package of support for business, equivalent to the crucial support to consumers.   

“We welcome the breadth of the offer to all non-domestic energy users with businesses, charities and public sector organisations to be included.  

“The price cap is a measure the BCC has previously called for. It will give businesses some financial certainty on the outlook for the next six months. 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.  

“However, given the other challenges still facing business on labour shortages, supply chain disruption, and rising raw material costs, it is unlikely that we will see greater investment from business in the short term.   

“If we are to truly revitalise our economy for the difficult months ahead then there must be a clear long-term plan that gives firms the confidence to grow.” 

Ruby McGregor-Smith, President of the BCC, added: “We welcome the commitment from the Government to review the UK’s long term energy strategy. It is vital to give business confidence on the continuity of their power supplies and future price stability. 

“We must not abandon our net zero targets and action must be taken to support business with the switch to more energy efficient technologies and practices. 

“The UK is already a world leader in the development of wind power technology and the shift to a more diverse energy mix involving renewables and nuclear power must remain central to our plans. 

“But this will not happen overnight and using the UK’s oil and gas reserves to ensure our energy resilience during the transition is a sensible path to take, provided this does not jeopardise our net zero targets.”   

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