Are you looking for business finance?
The government has revealed a new scheme designed to provide businesses with discounts on their energy bills. The initiative was unveiled to help alleviate the financial strain that many businesses are facing in response to the current economic climate.
The UK Government has affirmed that the Energy Bill Relief Scheme for businesses will be supported with £5.5bn over a 12-month period, a considerable reduction from the £18bn allocated to the initial programme.
More details about the scheme:
Coming into effect in April, the Energy Bill Discount Scheme is set to replace the prior scheme. In contrast to capping energy prices, this new system only provides benefits to businesses when gas prices are £107 per MWh or higher and electricity prices at £302 per MWh or higher.
Businesses in energy-intensive sectors such as steelmakers and manufacturers will receive higher discounts, and the threshold for the discounts to kick in is also lower for these firms. The reduction will be £6.97 per MWh for gas and £19.61 per MWh for electricity. This reduction applies to businesses, charities and public sector bodies.
When entering into agreements with energy providers, discounts will be applied automatically.
The Chancellor of the Exchequer, said: “My top priority is tackling the rising cost of living – something that both families and businesses are struggling with. That means taking difficult decisions to bring down inflation while giving as much support to families and business as we are able.
If you need to seek financial help for your business, email enquiries@maffinancegroup.co.uk, call 0115 958 6872 or fill in an enquiry form below.
Have Any Questions?
Qualified Team Available
In the UK the financial year begins on the 6th of April of the current year and ends on the 5th of April of the following year.
The number of supermarkets offering EV charge points is set to increase by 59% in 2024.
Half of all local authorities now have an electric vehicle charging strategy in place.
The Chancellor has today unveiled the contents of this year's Budget in the House of Commons.
The Bank of England has held interest rates at 5.25% for the fourth time in a row, but cuts are expected later in the year.
New research from Aldermore’s Green SME Index has revealed that 489,000 UK small and medium-sized businesses (“SMEs”) qualify as 'green'.