What support is the Government offering businesses and charities to cope with rising energy costs?
The main levers to help businesses through this energy crisis, such as access to borrowing, taxation of windfall profits and regulation of the energy market, all lie squarely with the UK Government.
The announcement made last week to introduce an Energy Price Guarantee is a step in the right direction, however, it is clear more needs to be done and we shall continue to press the UK Government to support our businesses.
Our priority is to support businesses of all sizes to decarbonise as quickly and fairly as possible. We are reviewing and assessing all opportunities to redirect additional resources to those most in need and to reduce the burdens on business.
We encourage any business affected to contact the Business Wales via the helpline or their website. As well as general business advice, Business Wales provides specialist strands of advice, including Resource Efficiency Advisors that help Welsh businesses implement new practices and improve their policies to improve sustainability and demonstrate a positive impact on the environment.
Through the Green Growth Pledge, Business Wales supports SMEs to take practical actions, such as reducing vehicle use, increasing water and energy efficiency and working with responsible suppliers that will help companies become more efficient, decarbonise and win new business.
Welsh Government is also supporting over 85,000 properties in Wales to pay their rates bills this year, through the combination of our permanent relief schemes and the extension of our Retail, Leisure and Hospitality Rates Relief scheme.
In 2022-23, the Welsh Government will provide £116m of targeted non-domestic rates support to businesses in the retail, leisure and hospitality sectors.