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BREAKING
Al Mayadeen's correspondent: 35 martyrs, 75 injured in occupation targeting of civilians seeking food aid in Rafah, Khan Younis, southern Gaza.
Da Silva: What is happening in Gaza is not a war, it is a genocide
Da Silva: Even the Jewish people do not want this war; it is revenge by a government against the possibility of establishing a Palestinian state
Brazilian President Lula da Silva: What we are seeing is not a war between two armies. [What we have is a] completely professional army that is killing women and children in the Gaza Strip.
Hamas: We affirm our readiness to immediately begin a round of indirect negotiations to reach an agreement on the points of contention
Hamas: We welcome the continued Qatari and Egyptian efforts to end the war waged by the Zionist occupation against our people
Al Mayadeen's correspondent: Israeli occupation forces blew up Noura Al-Kaabi Hospital, designated for kidney dialysis patients, in the northern Gaza Strip
Al Mayadeen's correspondent: Israeli drone targets a car on the Ayta al-Shaab-Debel road in southern Lebanon
Yemeni Armed Forces Spokesperson Yahya Saree: The remaining airlines that have not yet complied with the ban are urged to take this into serious consideration to ensure the safety of their aircraft and passengers
Yemeni Armed Forces Spokesperson Yahya Saree: The YAF, after successfully imposing a partial ban on air traffic at Lydd Airport, are now working to impose a full ban on air traffic at the aforementioned airport in the coming period

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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