Reeves gives more energy bill support to businesses as Iran war pushes up costs

Chancellor expands energy bill relief for 10,000 UK firms facing soaring costs due to Middle East conflict, but payments are delayed until next year. | Contesto: cronaca

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• Reeves gives more energy bill support to businesses as Iran war pushes up costs

Contesto

Chancellor Rachel Reeves has significantly expanded a government scheme to shield Britain's most energy-intensive industries from soaring costs, announcing that support will now cover 10,000 companies. The move, an increase from the 7,000 firms originally promised, comes as businesses grapple with a sharp rise in energy bills directly linked to the ongoing conflict in the Middle East. Under the British Industrial Competitiveness Scheme (BICS), eligible firms could see their energy bills reduced by up to 25%, a critical intervention for sectors like steel, chemicals, and ceramics where power and gas are major cost components. The announcement represents the government's primary response to mounting pressure from industry leaders who have warned that without sustained support, key manufacturing sectors face becoming uncompetitive on the global stage. The conflict involving Iran and other regional actors has injected fresh volatility into global energy markets, reversing a period of relative stability and pushing wholesale prices higher. For factories and production facilities that cannot simply switch off their power, these market fluctuations translate into existential threats, with the potential for severe job losses and plant closures. However, the expansion of the scheme is tempered by a significant delay in its financial delivery. While the Chancellor has set out the broader eligibility, the Treasury confirmed that businesses will not receive any payments until the next financial year. This gap between announcement and disbursement forces companies to absorb the current high costs for several more months, relying on their own reserves or credit lines to bridge the gap. Industry groups have welcomed the broader reach of the support but have expressed acute concern over the timing, arguing that the relief is needed now to prevent irreversible damage to operations and supply chains. The BICS scheme itself is a long-promised cornerstone of the government's industrial strategy, designed to level the playing field for UK manufacturers competing against rivals in nations with lower energy costs or more direct state subsidies. By focusing on energy intensity, the...

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Categoria: cronaca