Epos Now Replies to Prime Minister’s Energy Plan
LONDON, September 8th 2022 - In one of her first speeches as Prime Minister, Liz Truss laid out her government’s plan to tackle the current energy crisis. The retail and hospitality industries have previously warned that many will be forced to cease trading with 76% of businesses reporting serious concerns linked to inflation, and energy prices. [1]
In the plan, households have had a two-year price cap set at £2500 a year from October 1st 2022. This new price will supersede the existing Ofgem price and is in addition to the previously announced £400 energy bill discount. Truss plans to achieve this new price cap through an Energy Price Guarantee that has been agreed with the energy companies.
For businesses, the plan is much more stripped back. Businesses will benefit from the same price cap per unit that households pay but only for six months. This will be reviewed after three months and may be extended for vulnerable businesses and industries.
Epos Now believe the proposed plan does not go far enough for small merchants struggling across the UK. On the 5th of September, we published our open letter to the newly appointed prime minister, which challenged current policies and proposed four support measures that should be implemented immediately.
We believe the current proposal does not go far enough despite the country sitting on a knife edge, and unless swift radical action is taken then it will lead to inevitable mass business failure.
We reiterate the proposed measures in our letter and urge for further policy change to help businesses and households to navigate the energy crisis.