# UK’s Sunak to halve support that helps businesses pay fuel bills -The Times
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-12-30
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: UK PM Sunak to Halve Energy Bill Support for Businesses:
Meta Description: Latest news: Prime Minister Rishi Sunak plans to reduce financial aid on energy bills for UK businesses. Get the details here!
URL: https://financedigest.com/uks-sunak-to-halve-support-that-helps-businesses-pay-fuel-bills-the-timeshtml

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(Reuters) – British Prime Minister Rishi Sunak is poised to halve financial support on energy bills for businesses, amid concerns about the cost, The Times reported, without citing sources.

Former Prime Minister Liz Truss had announced in September a six-month scheme to subsidise the wholesale price for businesses.

UK Chancellor Jeremy Hunt “will announce a 12-month extension to the scheme but with the level of support more than halved, amid concerns about taxpayers’ exposure to fluctuating energy prices,” the newspaper reported.

The report comes after British public borrowing during last [month hit](https://www.financedigest.com/european-shares-hit-nine-month-high-dollar-wobbles-after-powell-remarks.html "European shares hit nine month high, dollar wobbles after Powell remarks") its highest for any November on record, reflecting the mounting cost of energy subsidies, debt interest and the reversal of an increase in payroll taxes.

The new scheme is expected to [cost less than 20 billion](https://www.financedigest.com/australias-nuclear-submarine-plan-to-cost-up-to-245-billion-by-2055-defence-official.html "Australia’s nuclear submarine plan to cost up to 5 billion by 2055 -defence official") pounds ($24.09 billion) over 12 months, compared with 40 billion pounds for the existing one, the report added.

The [businesses](https://www.financedigest.com/survey-shows-10-of-small-business-owners-get-less-than-4-hours-sleep-every-night-worrying-about-business-risks.html "Survey shows 10% of small business owners get less than 4 hours sleep every night, worrying about business risks") would get a discount of up to 345 pounds for a megawatt hour of electricity and 91 pounds for a megawatt hour of gas, it said.

UK Prime [Minister’s Office and finance](https://www.financedigest.com/scottish-finance-minister-kate-forbes-to-run-for-countrys-leadership.html "Scottish finance minister Kate Forbes to run for country’s leadership") ministry office did not immediately respond to a Reuters request for comment.

($1 = 0.8302 pounds)

(Reporting by Anirudh Saligrama in Bengaluru; Editing by Chris Reese)


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