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2 Apr 2024

Walsall's cycling community has been celebrating a family-owned business which celebrates its 90th anniversary this year.
 

26 Mar 2024

CEO of UK cycle clothing and accessories brand Lusso has said that the takeover of Wiggle by Mike Ashley’s Frasers Group represents an opportunity for small bike businesses to benefit...

25 Mar 2024

A government adviser on cities has urged ministers to make urban areas friendlier for walking and cycling, saying this would boost prosperity, health and personal freedom, and could even help...

25 Mar 2024

The annual e-bike monitor by market research institute GfK has found that the 25-34 age group made up a bigger portion of all e-bike customers in the Netherlands in 2023 compared with 2022,...

25 Mar 2024

When ACT member E-Motion Electric Vehicle Company in Swindon found that its outside wall had been vandalised with graffiti tags, manager Mark Butler decided to tidy it up a bit.
So Mark and...

22 Mar 2024

Rob Brown, co-director of Dalby Forest Cycle Hub, a not-for-profit hire scheme has been nominated for the Tourism Superstar 2024 award, run by VisitEngland.

14 Mar 2024

The Association of Cycle Traders has held productive discussions with the Cycle to Work Alliance around the issue of Cycle to Work reform, following the news that more than 650 independent bike...

12 Mar 2024

ACT parent company, Bira – the British Independent Retailers’ Association -  has said that the Chancellor’s decision to reduce national insurance rates could offer a...

11 Mar 2024

The Cycle to Work Alliance and the Association of Cycle Traders have identified common areas of interest around Cycle to Work reform.

11 Mar 2024

Cytech, the internationally recognised training and accreditation scheme for bicycle technicians, has launched a new Facebook group - the Cytech Tech Forum –...

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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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