Groups representing businesses from pubs to steelmakers welcome the intervention, saying the British government had thrown a lifeline to companies battling to survive.
On Friday, Kwarteng is expected to set out some detail on how he will pay for the energy scheme while at the same time delivering on promises to cut taxes, although the total cost of the energy scheme will depend on market prices over the coming months.
Kwarteng on Wednesday said he had pledged to get debt down in the medium term, but it was “absolutely right” to help families and businesses in the face of a major economic shock. The scheme initially gives urgent support to all such institutions that may need it, but is expected to be narrowed down in March with support targeted to the ones that most need it.
The government also announced support for households in Northern Ireland on the same level as the equivalent scheme in the rest of the United Kingdom, taking effect from November but backdated to the start of October.
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