ACCA Cymru Wales has welcomed yesterday’s announcement by the Government that energy costs would be capped.

Lloyd Powell, Head of ACCA Cymru Wales said in a statement:

“Today’s announcement from the government addressing the rising cost of energy for businesses is welcomed by ACCA. 

“While a support package had been announced for consumers, businesses faced uncertainty with rising energy costs alongside higher interest rates and supply chain disruption. Capping the rates at which businesses can be charged for their energy usage has pulled many businesses back from the brink who were faced with shutting their doors or increasing prices by an astronomical amount to keep the lights on. 

“However, further balanced action needs to be taken by the UK government to ensure that SMEs – the backbone of Wales’ economy – can navigate this uncertain time. All eyes will be on the upcoming fiscal announcement and the support that will be provided to businesses in both the short and the long term.”