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2 Feb 2023

Taking place from 21st-23rd April 2023 at the iconic Alexandra Palace venue in North London, The Cycle Show brings together a variety of exhibitors from the cycle and e-mobility sectors, aimed...

2 Feb 2023

Glasgow-based cycling charity Bike for Good, which is responsible for delivering the internationally renowned Cytech training and accreditation scheme for bicycle technicians and enthusiasts in...

2 Feb 2023

A new report from Shopify has shown that sustainability conscious shopping is on the rise. Consumer interest in green products has remained robust, despite inflation and other economic...

2 Feb 2023

Shop prices have reached record highs after inflation accelerated in January, with a warning that the peak is yet to arrive.

2 Feb 2023

A new deposit return scheme announced by the Government to make it easier for people to recycle plastic bottles and drink cans will put a strain on independent retailers, according to industry...

30 Jan 2023

The number of shops lying vacant on British high streets fell during the final three months of 2022, despite pressure on both companies and consumers from the rising cost of living.

26 Jan 2023

The rapid growth in the use of Buy Now Pay Later (BNPL) services risks becoming the UK's next 'credit trap' scandal, a loan provider has warned.

25 Jan 2023

Under the banner of CONEBI, the Confederation of the European Bicycle Industry,15 national bicycle industry associations and 68 companies have become signatories to a self-commitment to prevent...

23 Jan 2023

As Glasgow gears up to host the 2023 UCI Cycling World Championships, community groups have been given a share of more than £160,000 to boost bike use in the city.

23 Jan 2023

British Cycling has published new research, which shows the rising popularity of off-road e-bikes and electric mountain bikes (e-MTB’s) and highlights the need for improvements to cycling...

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Government scales back energy bill support for businesses

Posted on in Business News , Cycles News

The government has announced it is to scale back support for businesses and their energy bills after warning that the current level of help was too expensive.

energy bills

Under the new scheme, firms will get a discount on wholesale prices rather than costs being capped as under the current one. Heavy energy-using sectors will get a larger discount than others, but firms will only benefit from the scheme when energy bills are high.

The new scheme will run until the end of March 2024, while a limit has been set on it in a bid to reduce how much taxpayers are exposed to spiralling costs. The energy support scheme is mainly used by businesses, but is also for charities, and public sector organisations such as schools and hospitals.

Wholesale gas prices are now below the level they were before Russia's invasion of Ukraine but are still three to four times higher than their long-term average, leaving businesses struggling with soaring costs.

In its announcement, the government said it was scaling back the energy subsidies for the next financial year to £5.5bn. The current scheme had been described as "unsustainably expensive" by the chancellor and was predicted to cost about £18.4bn in just six months, according to official forecasters.

Bills will automatically be discounted by up to £6.97 per megawatt hour (MWh) for gas bills and up to £19.61 per MWh for electricity bills, a statement said.

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