Chancellor Jeremy Hunt has delayed any announcement as to what’s going to substitute the present enterprise power assist package deal till the brand new yr.
Beforehand, the Chancellor was anticipated to offer particulars on how an extension for the enterprise power assist scheme could be prolonged publish April, as quickly as yesterday – the final sitting day of Parliament.
Hunt has concluded he wants extra time to take a look at the design of the brand new scheme, which is able to contain a giant minimize in general taxpayer assist for enterprise. It’s also awaiting approval from Prime Minister Rishi Sunak.
>See additionally: Vitality value assist to be prolonged for all companies
The chancellor had stated he would give particulars of the scheme, to run from April subsequent yr, by December 31, however on Tuesday he informed MPs: “We’ll deliver ahead an applicable package deal early within the new yr.”
The delay will solely add to the crushing anxiousness felt by most small companies given galloping inflation, prepare strikes affecting companies and post-Brexit employee shortages.
The Chancellor had been anticipated to announce that any extension of the power invoice assist scheme would come with all companies however that the extent of invoice subsidy may very well be halved. And that there could be particular assist for small customer-facing companies, similar to retail, leisure and hospitality.
Martin McTague, nationwide chair of the Federation of Small Companies, stated: “Small companies have been asking for certainty on assist earlier than Christmas to cope with continued power hikes, however they’re now left in limbo till the brand new yr.
“What’s purported to be a festive interval bringing again the small enterprise spirit has now sadly been stolen by a Grinch authorities, who’s below the phantasm that small companies can plan on a lower than three-month horizon and survive this bleak winter with none indication by any means whether or not their power aid will proceed or not.
“Small companies reluctant to show their warmth on are left shivering within the chilly by this ambiguity of the Authorities, which feels stone-cold at the moment of the yr … the longer this guessing sport goes on, the extra injury it does to small companies and the hundreds of thousands of jobs and communities which can be depending on them.”
