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BREAKING
Several wounded in an Israeli bombardment of a tent in al-Mawasi, south of Khan Younis in the Gaza Strip.
Israeli media: Three wounded, three killed in an ongoing operation in the Gaza Strip.
Al Mayadeen's correspondent in southern Lebanon: Israeli artillery shelling targets the outskirts of the town of Shebaa
Al-Qassam Brigades: The targeting took place at the intersection of 'Street 5' with the western line north of Khan Younis
Al-Qassam Brigades: A NIMR armored personnel carrier carrying an Israeli soldier was targeted with an Al-Yassin missile north of Khan Younis
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip

UK introduces £5.5Bln cuts on energy subsidies for businesses

  • By Al Mayadeen English
  • Source: Agencies
  • 9 Jan 2023 22:33
2 Min Read

The new financial plan is expected to last for the next 12 months.

  • x
  • Facility of UK finance ministry, HM Treasury. (Government sources)
    Facility of UK finance ministry, HM Treasury. (Government sources)

The British ministry of finance announced on Monday the government is planning to cut support for businesses in energy subsidies to 5.5 billion pounds ($6.7 billion) - a massive downgrade compared to the current six-month support program which allocates £18 billion in energy subsidies. 

This new financial plan is expected to last for the next 12 months, the ministry added.

The move comes in the backdrop of recent statements delivered by Chancellor Jeremy Hunt regarding the present subsidy program which he regarded as "unsustainably expensive" and prompted many businesses to anticipate fatal cuts.

Read more: UK PM Rishi Sunak asked homeless man if he 'works in business'

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"My top priority is tackling the rising cost of living – something that both families and businesses are struggling with," finance minister Jeremy Hunt said in a statement.

"That means taking difficult decisions to bring down inflation while giving as much support to families and business as we are able."

Two years after Brexit, the British economy has declined rapidly, with its GDP falling by 5.5 percent and an estimated loss of 33 billion pounds ($4.7 billion).

With the UK joining the western haul on sanctioning Russia and deliberately damaging its own relations with China, the cost of living and the energy crisis has been exacerbating further and further in a downward spiral both economically and politically.

Read more: UK businesses no longer as attractive to foreign investors: Poll

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  • inflation
  • UK

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