Only days left to save businesses, Truss warned

It has called on the Government to deliver the details of its proposed support package for businesses in order for the support to take effect this winter, The Telegraph​ has reported.

Truss last week announced that she would freeze consumers’ energy bills at an average of £2,500 per year for two years, from 1 October, and said she would offer businesses “equivalent support”, for six months, with vulnerable industries to continue to receive support after this period.

However few details were given about the support plan for businesses.

Details needed

Energy industry figures said details needed to be shared with the sector urgently to give suppliers time to process them and make sure companies can benefit this winter.

“We are talking in days — we have to come up with a solution,” said one source at a major power provider told the publication.

Jacob Rees-Mogg, the new business secretary, is understood to have held joint meetings with Kwasi Kwarteng, his predecessor and the new Chancellor, and energy bosses in an effort to ensure continuity and speed decision making.

Long-term support

Chris O’Shea, chief executive of British Gas’ parent company Centrica, said that “extraordinary circumstances call for us all to think differently”.

“The Government support package is bold, but we need to address the root cause of high prices as well as the symptoms," he said.

Hospitality trade bodies welcomed the plans announced by Truss last week, suggesting they were an encouraging start, but urged Truss to work towards long-term support for the sector.

UKHospitality CEO Kate Nicholls called for Truss to introduce further measures such as cutting VAT and providing business rates relief.