Scheme cutting bills by up to 25% expanded to cover 10,000 firms, but they will not be paid until next year
Rachel Reeves has announced an expansion of support for the most energy-intensive UK businesses, as they face soaring bills as a result of the Middle East conflict.
The chancellor said the long-promised British Industrial Competitiveness Scheme (BICS) would be expanded to cover 10,000 companies, up from the 7,000 originally announced.
The scheme, which the government says will cut companies’ bills by up to 25%, will not come into operation until next year, although in a significant concession Reeves said support would then be backdated to this month.
The announcement was welcomed by business groups, but some criticised the fact the money would not arrive until next April, urging Reeves to bring support forward as they face a looming crisis as a result of the ongoing closure of the strait of Hormuz.
