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12 Jan 2023

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.

10 Jan 2023

With retail finance schemes remaining a preferable route for retailers to boost sales during recession than the financial hit required by heavy product discounting, the Association of Cycle...

10 Jan 2023

Portugal has become the first EU country to cut VAT on bicycle purchases this year, from 23% to 6%.

9 Jan 2023

Cycling UK says that its Big Bike Revival programme, which encourages people to get unused bikes out of their garages and sheds and start using them for everyday trips, has led to a third of...

9 Jan 2023

Transport for London’s (TfL) cycle hire scheme saw more bikes hired during 2022 than any other year in the scheme’s history, with 11.5 million rentals across the year.

5 Jan 2023

To celebrate the release of the new Independent Coffee Guide Scotland for 2023, a coffee road trip across Scotland has been unveiled with eight 'must visit' destinations. The road trip passes...

4 Jan 2023

Cytech are gearing up to exhibit at this year's Cycle Show once again at Alexandra Palace, providing practical advice and answering any questions visitors may have about working on their bikes.

4 Jan 2023

BBC analysis has shown that beauty salons and tattoo parlours have prospered on high streets while the number of banks and department stores has fallen. Places to eat and drink have also...

3 Jan 2023

Millions are being encouraged to walk and cycle more this year to get fit and save money, with an additional £32.9 million of government funding to accelerate walking and cycling schemes...

3 Jan 2023

Almost 50 shops in the UK closed for good every day in 2022 - more than at any other time in the last five years – according to a new report from the Centre for Retail Research.

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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