Industry leaders are calling for continued Government support for businesses dealing with soaring energy prices once the energy bill relief scheme (EBRS) ends in April.
The EBRS caps the unit cost of gas and electricity for all businesses, but with it coming to an end soon, Chancellor Jeremy Hunt is set to announce a new scheme on Monday (9 January).
Many businesses have warned of a "cliff-edge scenario" once the current support ends in March, with the Federation of Small Businesses (FSB) calling for targeted help for smaller firms hit hardest by the energy crisis.
However, in a meeting with industry leaders on Wednesday (4 January), Hunt said that the EBRS is "unsustainably expensive", indicating that the new scheme will reduce the level of support for businesses.
In light of the Chancellor's comments, the Institute of Directors (IoD) urged the Government to reassess how it will protect vulnerable firms that are particularly exposed to volatile energy markets.
Furthermore, director general at the British Chambers of Commerce (BCC) Shevaun Haviland said:
"The Government must act now to give businesses confidence to invest, grow and power the much-needed recovery of our economy in the months ahead."
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