Government set to cut help for businesses against energy bills

Downing Street was set to slash help for businesses against their energy bills.

According to The Telegraph, the Treasury and Number 10 had agreed to abandon the price cap on gas and electricity for companies from April.

That would likely see the budget for the measure cut from £18bn for between October and March to £5bn for the 12 months starting in April and replaced with a discount.

The £5bn figure had largely been agreed and the plan was due to be announced early during the following week but not yet fully locked down.

Prime Minister Rishi Sunak and the Chancellor, Jeremy Hunt, had yet to provide their final sign-off on the deal.