UK eases pressure on business by halving energy bills this winter

The British government on Wednesday said it would cap wholesale electricity and gas costs for businesses at less than half the market rate from next month, helping relieve the pressure of soaring energy costs but adding to the government's fast-rising spending.

by | 21 Sep, 2022

Wholesale prices for electricity will be capped at about 211 pounds ($239) per megawatt hour (MWh) and for gas at 75 pounds per MWh, compared to forecast market rates of 600 pounds and 180 pounds respectively.

“We have stepped in to stop businesses collapsing, protect jobs and limit inflation,” said Finance Minister Kwasi Kwarteng, who is due to give a fiscal update on Friday.

Read more at Reuters

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