Businesses on the Isle of Wight will be given 6 months of financial support to help them survive the current energy crisis and a new £2,500 cap is to be put in place for households, it has been revealed by Prime Minister Liz Truss this lunchtime (Thursday).
It’s said that a typical Isle of Wight household will pay no more than £2,500 a year under the new 2-year energy price guarantee, which will actually be a little less for some as the previously announced £400 cash payment will stand. This will save Islanders around £1,000.
For businesses, schools and hospitals there will be comparable support for 6 months with further support for specific industries, such as hospitality.
Liz Truss, who only took office on Tuesday, went before the House of Commons today to announce her plans to tackle the energy and cost-of-living crisis – but many will be left disappointed by the lack of announcements. Although an energy cap has been introduced, households are still facing increasing outgoings due to the rising costs of food, petrol and general living.
The Prime Minister has confirmed that there will be a temporary suspension of green levies under her plans, which are hoped to curb inflation and boost growth.
Speaking today, Liz said:
“This is the moment to be bold. We are facing a global energy crisis and there are no cost-free options. We need to tackle root causes so we will never be in the same position again.
“Energy policy over the last decade has not focused enough on securing supply. There is no better example than in nuclear where the UK has not built a single nuclear reactor in 25 years”.
Article continues below this advertisement
Wow!!! Such generosity towards the IOW. You’d have thought she would have done this for the whole country, not just us.
Not a good start to the lady’s premiership: this is a half-baked “plan” whose result is that the taxpayer underwrites whatever price producers choose to charge suppliers, removing the incentive for suppliers to negotiate good terms. In fact, just like that earlier Tory triumph with the rail companies.
continued …
The producers are laughing all the way to the bank; if the gov can’t face a windfall tax, they must impose price control. After all,producers hold licences from HM Gov; a licence can be revoked if conditions change. To retain their licence, a producer should have to accept a price cap for sales into UK suppliers (and a restriction on sales outside UK if that were an option).
As the lady herself said: “desperate times require desperate measures”.
Helen, you get my vote. When are you running for office?!
But we will all pay in the end . Why Nuclear, it cost so much to not just build but to run and maintain, also a target for our enemies in future be they Russian, North Korea or China or whoever . Building wind/wave/solar etc don’t have radiation risks or levels of security needed like for Nuclear.
solar and wind do not provide the baseload energy that the system needs for stability – nuclear does and it is zero carbon emissions. The new reactors are far more efficient and produce far less waste, as the spent fuel is recycled and re-used.
Wind/solar and wave are zero carbon emissions too, Nuclear is ok till goes wrong and then the country/world are at far more risk than from global warming etc. Maybe hydro?. For one reactor they estimate £21,000000000 plus and running costs etc on top ,that’s alot of solar or tidal power sources. When the one in Ukraine leak radiation soon, I think government will change mind. France is getting rid and no more nuclear. Japan turns off it remaining Nuclear plant this week end. Global warming is greatly caused by paper/card etc for parcels like Amazon – look up,it causes more green house gases than every other form of transport put together!.
There seems to be an argument that somehow increasing taxes, windfall or otherwise, on the excessive profits of the petrochemical industry will somehow ‘limit investment and innovation’, and that these profits are also ‘good for pensions etc. invested in the shares of these companies’. I understand that at least some of these companies are using their excess profits to buy back shares in their own company – which a) is not investing and innovating, b) is reducing the ‘benefit’ to other shareholders, pension funds or otherwise, and c) making them even less accountable to anyone else.
Supporting these profits is madness.
no it isn’t jac- you do realise that the shareholders are the ones who put their own money at risk in these companies. If the reward element of the risk/reward ratio is so low, it doesn’t warrant putting capital at risk to make these companies work.
all that happens is that investors move their capital to oil and gas companies that do not operate in the north sea or onshore uk, where they will not be subject to jurisdictional risk of governments stealing the profits. Uk focused companies will lose investment capital and the UK won’t have new supplies brought online in the future -which means higher prices due to importing.
Correct IoW’er
People are naive and assume huge profits are wrong and should be taken from Oil companies such as BP.
But as you say shareholders would never again buy shares into any British company if the Government raided them when making money, but, never gave cash to them in bad times like when the well leaked oil in the Gulf of Mexico which BP are STILL paying for
The dim think pension funds keep all the cash paid to them in an account paying 0.1%, yet they need dividends from shares to pay the masses.
The CEO’s salaries will never be lowered only the amount paid to shareholders, who are individuals from around the globe, and should trust be gone, then no future shareholders would risk their cash to have to accept the losses when bad times occur, but have their risky money taken from them when good times occur.
Same with all ex-nationalised companies, sold to shareholders, to be private companies, yet the dim want them raided when times for the masses get tough.
The poor don’t understand, and never will.
Half of out gas comes from the north sea, our north sea, so why we paying the same price as everyone else? Because the government at the time gave it all to the UK’s oligarchs. No different to Putin and how he gave national resources and companies to all his mates.
Also, Liz Trustless visited the Queen yesterday, now the queen is on her death bed. The last nail in the coffin on the UK. Get ready for rolling blackouts, it’s the 70’s all over again.
half baked statement fred.
the uk sells its gas on the open market like all others. most of the uk oil and gas companies are not owned by oligarchs
just because a member of someone elses family is ill, doesn’t mean the entire geographical area is finished.
not all of us are royalists and will be working as normal, no matter what happens in the windsors household.
Open the pits and start fracking, WW3 is already started so stop worrying about global warming because it’s going to get very hot anyway…
World economic scum.. who wishes to push out democracy and bring in communism.. don’t be fooled,
she is a traitor
That’s great. No worries the grand kids will pay. Just a bit fed up with the Tories buying votes with my grand kids money!
The Labour communist want to tax tax tax and spend spend spend…..then after they have destroyed the economy, they want to borrow borrow and borrow…until we are Bankrupt…
You do realise that the burden on the UK taxpayer is at its highest since the 1950’s and the national debt has increased from around 62% in 2010 to 99% as of March 2022. Do you need a reminder who has been the custodians of the economy for the last 12 years?
You do realise there are many genuine reasons for that don’t you? And you do realise everytime Labour have been in power our economy is a mess at the end of it, and the Tories have always had to clean the mess up after them?…
Remember the 70s when the union’s destroyed our industry that forced big businesses to leave for the far east, when the Labour movement held the nation to ransom because of constant strike action?…
Do you remember we were known has the sick man of Europe because we were broken and the streets were full of rubbish along with a three day working week and power cuts?..
Then came Mrs Thatcher and kicked the bloody union’s out, and made our nation very much stronger….
You communist will never learn….God save the king
Your grandkid snowflake lifestyle will end when they have to start paying back their automatic entitlement lifestyle, then they will realise they have to work hard and get their delicate hands dirty…..My generation had to pay for WW2, so stop your entitled winging and except reality of the real world…
You hit the nail on the head, I am 76 still work 40/50 hour s a week never been on the dole or unemployed always found a job its a snowflake and woke society.
So, we face being force-fed Gummie bears that are recycled wind turbines, restricted meat unless it’s rubbish grown in a lab and no cars, only for the rich. No thanks, I’ll support our wonderful farmers who produce natural quality produce. You can stuff the WEF green agenda.
Perhaps it would be prudent to ask business owners/companies to only operate for 6 days a week instead of 7. Half of the supermarkets have empty shelves due to lack of stock and some are open from 7am until11pm – why? I have noticed a number of small businesses are reducing their opening hours especially those using a large amount of electricity and gas. I am sure we can survive without 24/7 opening hours, we have survived 2 World Wars with out them along with Covid shut downs.
Geez…..she’s only been in power a few days and business people are moaning already, never bloody happy! The goverment help and all they do is moan. Oh boo hoo! Get a damn grip, more important things than money, stupid parasites. Lol