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NEWS: Government announces Energy Price Guarantee for families and businesses

Today the Prime Minister Liz Truss announced a new ‘Energy Price Guarantee’ to support households and businesses with their energy bills.

From 1 October 2022 typical household in the UK will pay up to £2,500 per year on their energy bill (an average saving of £1,000 per year based on current October energy prices). The Energy Price Guarantee is automatically applied to all households in Great Britain*. 

*Update 18 Oct: The new Chancellor has announced The Energy Price Guarantee will only be in place until April 2023. A Treasury-led review will be launched to consider how to support households with energy bills from April 2023. We await further details. 

Businesses, charities and public sector organisations will benefit from a new 'Energy Bill Relief Scheme', lasting six months. The Government will then review the need to extend support to vulnerable industries. More information on the support for businesses

Find more information about the Government’s Help for Households campaign, including the £400 energy bill discount previously announced for all households.

Liz Bayram, Chief Executive at PACEY comments:

“PACEY welcomes the measures announced today which will go some way to reassure self-employed childminders working in their own homes, as well as group-based settings such as nurseries and pre-schools who are understandably concerned over rising energy prices.

“However, increased cost of living is only one part of the set of challenges which are driving providers to close their doors at unprecedented levels. Since March 2021 we have seen a loss of over 5,000 Ofsted-registered childminders, nannies and group setting providers, and until Government takes action to address low pay barriers and unsustainable funding levels then this trend is expected to continue.

“We are urging the new Prime Minister to go further and commit to a long-term funding solution that will ensure the future sustainability of the sector. Until then we will continue to lose these vital services that families rely on for their children.”