Last week, the Prime Minister announced measures to support households and businesses with increasing energy prices.
The Government will bring forward emergency legislation to establish a new Energy Price Guarantee which will ensure that the average British household pays no more than £2,500 per year for their energy bills for the next two years from October. This will, while creating substantial savings for the average household compared to what they would otherwise be paying, also give certainty on energy prices.
The Government will also maintain the £400 Energy Bill Support Scheme and the £1,200 of support for the most vulnerable households already announced earlier this year.
The Government will set up a discretionary fund which I hope will be able to assist many who would not otherwise benefit from the announced support package.
Businesses will be offered an equivalent guarantee for six months for those hit by rising prices and after those six months the Government will provide further support for vulnerable sectors, such as hospitality including pubs.
