Business

Mini-budget set for next Friday

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he much-anticipated mini-budget setting out details of help for households and business amid the cost-of-living crisis will be delivered by the Chancellor next Friday.

The so-called “fiscal event”, promised by Prime Minister Liz Truss as part of her plans to grow the economy and tackle soaring inflation, will be announced by Kwasi Kwarteng on September 23, the PA news agency understands.

The timing had been highly constrained, with Parliament currently suspended while the country is in mourning following the death of the Queen, and the Prime Minister expected to fly to New York for the United Nations General Assembly following the monarch’s funeral on Monday.

The Commons will also enter recess at the end of next week to allow for party conferences to take place.

A separate announcement on an energy package is also expected next week, possibly on Wednesday or Thursday.

Ms Truss last week announced long-awaited Government plans to tackle sky-high energy bills and ease the cost-of-living crisis, with a focus on capping prices and boosting domestic energy supplies.

Under the “energy price guarantee”, bills for the average household will go no higher than £2,500 at any point over the next two years.

It will save a typical home around £1,000 from October 1, when the current consumer price cap had been set to soar, according to official estimates.

Mr Kwarteng is also expected to set out further details of how the package will be funded, as part of the “fiscal event”.

Business leaders have expressed concern in recent days about the lack of clarity over the equivalent support for companies, which are also struggling with rising bills.

On Wednesday, Downing Street promised that more details about the supports will come next week alongside a pledge to backdate energy costs for businesses if there is a delay to getting the complex new scheme off the ground.

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