Small budget scheduled for September 23 to reveal details of new Prime Minister’s financial plan | Political news
Sky News understands that the government will provide a small budget on September 23.
Expected, details about Prime Minister Liz Truss’s Plan to help households and businesses amid the cost of living crisis will be revealed.
The new Prime Minister has vowed to organize an “emergency budget” in the race for the leadership of the Conservative Party “to get our economy going and provide immediate help to those who need it.” struggling with their bills.”
Two days after becoming Prime Minister, Ms. Truss announced that she would introduce an energy price guarantee (EPG) to limit bills to £2,500 for two years from October – around £500 more than currently, but £1,000 less than Ofgem’s upcoming price cap increase.
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However, the Resolution Foundation team says the lack of targeted interventions means the money won’t reach those who need it most.
In the first major policy announcement of her prime ministership, Ms. Truss added that the six-month program for businesses, schools and hospitals would provide comparable support over the winter.
However, there is currently no limit on energy costs for businesses and no specific support figure due to the difference in how the wholesale energy market operates compared to the retail market.
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Businesses are hoping that Ms Truss and Prime Minister Kwasi Kwarteng will outline the specifics of how the plan will be funded during the financial event as cost-of-living pressures continue to ease.
Leaders have expressed concern in recent days about the lack of clarity on equivalent support for companies, which are also struggling with rising bills.
On Tuesday, hundreds of businesses urge the prime minister to provide details of the support they will receive.
The letter was signed by 300 companies and written by Kate Nicholls, CEO of Hotel Company UK.
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PM announces household energy limit
She welcomes the support that will be given to households as part of Ms. Truss’ policies to tackle rising costs.
However, the executive added: “Businesses must also act, otherwise many people will need direct support.”
The letter says that “urgent, important action” is needed, such as:
• One commercial rate stay for all hotel facilities no limit applies
• Deferment of all environmental taxes
• Restore the Generous Paying Time program from HMRC
• The reintroduction of commercial credit insurance for energy
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Ed Conway looks at how much energy plans can cost
The timing of the fiscal event has been greatly limited, with Parliament currently suspended while the country is on a 10-day period of national mourning following the Queen’s death, and Ms Truss expected will fly to the United States to attend the United Nations General Assembly. after the king’s funeral on Monday.
The Commons will also enter recess at the party’s conference next weekend.
But the Speaker of the House has suggested that the upcoming break should be cut short due to the suspension of parliamentary business due to the period of mourning.
Sir Lindsay Hoyle said he himself “hopes” and “expects” that the conference break will be shortened.
On Wednesday, Downing Street promised more details on the support coming next week along with a pledge to offset energy costs for businesses if there are delays in the rollout of the new complex scheme. .
