Responding to the release of further details from Government on the energy support plan for business, Shevaun Haviland, Director General of the British Chambers of Commerce, said:

“For months we have been calling for Government intervention to help businesses with eye watering energy bills. This support package is significant and will ease the cost pressures that have been piling up on businesses.

“It will allow many firms that were facing closure, or having to lay off staff or reduce output, to keep going through the winter.

“But the exact level of support will vary greatly from business to business depending on the detail of its contract, so some will inevitably do better than others.

“We now need action to get this saving passed onto business as soon as possible – every day will put some firms closer to the edge and they cannot hang on much longer.

“There must also be effective legal oversight to ensure no firms that are due this money miss out.

“For those that will benefit, six months support is not enough to make plans for the future.

“We understand there are a range of unknowns for the Government in looking ahead, but without further reassurance very few firms will make plans to invest or grow.

“Some businesses will still struggle to meet their bills despite this government intervention, the Chancellor must prioritise those firms in his mini-budget on Friday.

“There are a range of other challenges that must be addressed including labour shortages, supply chain disruption, and rising raw material costs.

“To truly revitalise our economy for the difficult months ahead then there must be a clear long-term plan that gives business the confidence to grow.”

Miranda Barker, CEO of East Lancashire Chamber of Commerce, commented further:

“The support is much needed and will be of significant help, bringing the price levels back to an equivalent of March 2022 level pre-Ukrainian conflict driven price escalation.

“However, we have also seen disproportionate increases in electricity and gas standing charges too – those and other elements of fuel bills should also be pegged back to the March level at least, to ensure the full business preserving effect of this price cap is truly felt.”

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