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Support for Households and Business

The announcement of the new prime minister and her cabinet has left many SMEs waiting with bated breath to hear of her plans to counteract the cost-of-living crisis and struggling economy.

Here's what we know Truss has pledged so far:

  • Today Truss unveiled a two-year plan to cap household energy bills at £2,500. She said that businesses would receive “equivalent support” to households — but only for six months. Details of the commercial scheme are less clear.

  • After the six months, Truss said that ongoing support would focus on “vulnerable industries”, such as hospitality. A review will decide which businesses should be targeted.

  • £30bn worth of tax cuts and a reverse of the NI hike

  • A scrap of the proposed rise in corporation tax

  • Employment law policy changes – some positive moves, some not.

Here's what we know about the new Chancellor and Business Minister so far:

What do we know so far bout the new cabinet?

“We will create the conditions for business investment and innovation to flourish.”

- Kwasi Kwarteng, newly appointed Chancellor

What do we know about the new Chancellor when it comes to business support?

  • Recently launched a consultation into creating further relief for energy intensive industries

  • High electricity using businesses like steel and paper mills could see further relief under Kwarteng's plans to help subsidise their electricity costs

  • During his previous position, Kwarteng unveiled plans to support for the automotive sector and self-driving vehicles, consultations on how to support sustainable biomass production, and a strategy for critical minerals.

“My overriding mission is to deliver affordable and plentiful energy to the British people and to make the economy as efficient, innovative, and dynamic as possible."

- Jacob Rees-Mogg, new Secretary of State for Business, Energy, and Industrial Strategy (BEIS)

What do we know about the new Secretary of State for Business, Energy, and Industrial Strategy?

  • He was part of the recent The Public Sector Fraud Authority launch – creating counter fraud plans and enhancing the use of fraud intelligence. This could mean further investigations into various schemes, including the Bounce Back Loan scheme

  • While Truss has backed the NetZero target of 2050, Rees-Mogg has previously claimed that “climate alarmism” is responsible for high energy prices. Both support bringing back fracking and scrapping green levies which make up 8% of energy bills

  • He is also a champion of lower business taxes and he opposes windfall taxes

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