Cost of living news – live: Businesses’ energy bills to be capped from October, says Truss

Businesses will see their energy bills capped for six months from October, Liz Truss has announced, in a major intervention to ease the cost-of-living crisis.

The move will the expected wholesale price of energy in half, and the prime minister said that pubs and shops would be offered support extending beyond March.

With many firms bracing for their bills to rise by 500 per cent, Liz Truss’s government had been urged to act, having promised businesses equivalent support to the £2,500 price cap already announced for households.

Ministers had previously said that firms, schools, hospitals, charities and other non-domestic consumers would be covered by the scheme, following warnings of the devastating impact on the economy if they fail to act.

Business leaders had pleaded for the support not to “result in a cliff edge after six months”, as Tory MPs warned the scale of the package would have to be “huge” if the government is to save the high street.

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