An 'emergency Budget' could be held as early as next week as Liz Truss's new Government grapples with the cost of living crisis.
The new PM had promised a "fiscal event" to give more details on her proposals to tackle soaring energy bills affecting households, businesses and public services. Businesses in particular are waiting for more details on how the proposals could affect them.
No date had been set for the event, which would in effect be an emergency Budget delivered by new Chancellor Kwasi Kwarteng. But today the Prime Minister’s official spokesman told reporters: “We are still planning to deliver a fiscal event this month.”
READ MORE: Liz Truss energy plan - tell us what you think about support for business and fracking plans
It looks as though the event would have to happen next week. The House of Commons is currently set to go into conference recess on September 22.
While the Liberal Democrats have cancelled their party conference, as it would have clashed with the Queen's funeral next Monday, Labour and the Conservatives are still expected to hold theirs, meaning any fiscal statement would have to happen before they start.
The flagship element of the Government’s “energy price guarantee” was the announcement that bills for the average household should be kept to a maximum of £2,500 over the next two years.
Ms Truss also promised equivalent support for businesses for six months, with a review to identify the sectors that will need more long term support. Companies, venues and industry groups are now waiting for more detail on the scheme - which could be provided by Mr Kwarteng.
Today the PM's spokesman said: "There isn’t a date set for the business support element of the guarantee. Obviously we’re working that through. It hasn’t been impacted by the mourning period, as I understand."
More from BusinessLive
- Energy plan: Six month scheme for business announced as £2,500 domestic price cap unveiled
- Energy crisis: New #BusinessSOS campaign warns of mass closures and redundancies
- Liz Truss energy plan - tell us what you think about support for business and fracking plans
- Opinion – Liz Truss must do more to help hospitality business facing dire winter
- 'Sparse on detail': Business gives energy price plan reaction
