Following the government’s about-face in London, British entrepreneurs fear exploding energy prices next spring. The state energy price cap was shortened from two years to six months and will therefore expire in the spring.
“This will be a huge blow to many who have already worried about how they will survive,” said Shevaun Haviland, of the British Chambers of Commerce. The government must deal with the concerns of entrepreneurs and offer them planning security and other targeted support measures. “In addition to rising inflation rates and interest rates, it’s energy costs that keep entrepreneurs up at night,” said Haviland.
Britain’s new finance secretary, Jeremy Hunt, announced the reversal in economic policy on Monday after the government’s previous plans had thrown financial markets into chaos. The pressured prime minister sacked her close ally and finance minister, Kwasi Kwarteng, and installed Hunt in his place.
