Simply Business Electricity Reviews the 2014 Budget and Energy Benefits to UK Businesses

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Simply Business Electricity is exploring the measures that were announced in the Budget 2014 that will benefit businesses.

The Chancellor of the Exchequer in The Budget 2014 has made a number of announcements set to directly benefit businesses with regards to energy, investment and export. The purpose of the Budget was
to lay foundations to support sustainable growth and the government’s plans to drive economic growth

Steve Fletcher, Director of Simply Business Electricity said: “The budget didn't disappoint. We are pleased to see the measures in the Government’s annual budget to put UK businesses at an advantage and tackle the increasing costs of energy.”

Chancellor George Osborne’s Budget 2014, which was delivered in March 2014 included a £7 billion package to cut energy bills which will have a direct effect on business electricity prices. The objective is to ensure that the UK is a competitive country for manufacturing – a key component to economic recovery, allowing the UK to compete with overseas countries. This could save up to £50,000 for medium-sized manufacturers each year.

Energy intensive industries and Combined Heat and Power Plants are earmarked for specific support with further compensation for those hit by the governments green levies. In addition to the reforms designed specifically for businesses, a planned rise in fuel duty has been scrapped which will benefit a majority of companies in the long term.

Osborne also announced the Carbon Price Floor, a tax on pollution, planned to increase every 12 months, is to be frozen after 2016 and a complete review of the policy by the government scheduled in 2020. Fletcher further comments: “We were interested to see that this had been brought up in the Budget this year after climate change related measures in previous reforms. We’re committed to see that businesses are passed on the best energy prices as a result.”

Full details of the HM Treasury Budget 2014 can be found on the website.

About Simply Business Electricity
Simply Business Electricity is an energy comparison service, providing businesses with a place to compare electricity and gas prices. They are the widest comparison service with all quotes being prepared, using standard industry data and a fully transparent service.

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Emily Felix-Davies
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