Wales’ Economy Minister demands UK Government intervention to reduce energy and fuel prices for Welsh businesses

Wales’ Economy Minister, Vaughan Gething is demanding the UK Government takes immediate action to reduce the growing cost of energy and fuel on businesses across Wales.

The call comes as many commercial energy bills are poised to rise more than fourfold this autumn.

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Welsh Government Ministers have consistently called on the UK Government to act by introducing measures that will help support people during this crisis.

Since November 2021, the Welsh Government has used all available financial levers to deliver a package of measures to support households across Wales deal with the crisis.

The Minister is convening an urgent meeting with Welsh business representatives later today, to hear directly about the pressures they are facing.

However, only the UK Government has the tools necessary to provide the immediate protection business need.

 Economy Minister, Vaughan Gething said:

“The cost of living crisis engulfing the UK is having a significant impact on families across the country. We’re also facing a cost of business crisis, with businesses across Wales facing increasingly unbearable pressures because of soaring energy and fuel bills.

“Our businesses are the lifeblood of our communities. They provide the jobs people rely on for their livelihoods. As Wales’ Economy Minister, my immediate priority is to do what I can to protect our economy and the people who work within it.

“That’s why I am demanding that the UK Government steps up and takes immediate action now, by using the powers only they have at their disposal to intervene in this crisis. They must bring forward measures to reduce inflation and provide the significant additional help people and businesses need.

“Unless they act now, they risk inflicting significant harm on the Welsh economy. This cannot be allowed to happen.”

In 2022-23, the Welsh Government continues to support SMEs by providing £116m of targeted non-domestic rates support to businesses in the retail, leisure and hospitality sectors.

The Welsh Government’s Business Wales service offers a wide variety of support that will help businesses with financial pressures over the coming months.  The Service provides comprehensive information online and through workshops and 1-2-1 advice on subjects including employment and finance.