Mini budget 2022: £150bn support to ‘stop business collapsing’ unveiled before Kwasi Kwarteng reveals tax cuts on Friday

THE Government has announced details of a bumper rescue package to ease the burden of energy bills on businesses.

The measures – announced ahead of a so-called Mini Budget on Friday – include a discount on energy bills funded by taxpayers businesses in Britain and Northern Ireland.

Business Secretary Jacob Rees-Mogg revealed details of Kwasi Kwarteng’s £150bn support package at 9am today, with the Chancelllor saying: “We have stepped in to stop businesses collapsing, protect jobs, and limit inflation.

“And with our plans to boost home-grown energy supply, we will bring security to the sector, growth to the economy and secure a better deal for consumers.”

The new rescue package, which comes into effect from October 1, is thought to apply to all sectors of the economy, with the government cutting costs by subsidising wholesale energy prices charged to business users during the Cost of Living crisis.

Read our Mini Budget 2022 live blog below for the latest…