Commenting on Prime Minister Liz Truss’ announcement of energy support, Muniya Barua, Managing Director of Policy at BusinessLDN, said:
“This bold action should avert a catastrophic winter for the capital’s businesses and Londoners. However, businesses have only been given a six-month reprieve, with no clarity on what support is being provided. It is vital that the Government keeps all options open to support firms if prices spike further – especially when many are already groaning under the weight of Covid-related debt.
“Although it is welcome that the worst of price rises has been avoided, the cap will not be enough for many Londoners in poverty who will still be making difficult choices between food and heating, and the Government will need to stand ready to provide further targeted support.
“With energy bills expected to remain high for some time, beyond the immediate crisis, we need a long-term vision for the energy system to meet our net zero targets and incentivise retrofitting of older buildings and homes. Failure to plan for the long-term will mean even this level of financial support will be just a sticking plaster.”