UK budget for energy support to businesses to fall by 85 percent: Report

The British government’s budget for protecting businesses against surging energy bills is due to fall by 85 percent to around 5 billion pounds after March, The Daily Telegraph reported on Friday.

The Telegraph, citing multiple government sources, reported that the budget was for a 12 month period after March, including next winter.

Finance Minister Jeremy Hunt called the current six-month program “unsustainably expensive” on Wednesday, with his department saying the government will set out a plan next week on how it intends to scale back the subsidies for businesses.

The original program was predicted to cost 18.4 billion pounds ($21.84 billion) when the government’s budget watchdog published forecasts in November.

The finance ministry did not immediately respond to a request for comment on the Telegraph report.

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