Last week, the new UK Prime Minister Liz Truss appointed Kwasi Kwarteng as Chancellor of the Exchequer and Andrew Griffith was appointed as Financial Secretary to the Treasury. We understand that Mr Griffith is a Chartered Accountant. An emergency fiscal event is expected to take place in the new few weeks after the Government’s period of mourning for the Queen comes to an end.
One of the new Prime Minister’s first announcements was the domestic energy price cap of £2,500 a year, however no further detail is expected to be available on the plan, including how this may work in Northern Ireland, until the emergency fiscal statement.
The emergency fiscal statement is also expected to include supports for businesses after the Prime Minister also announced that vulnerable business sectors will be offered further support beyond an initial six-month period. This will follow a three-month consultation examining where support measures should be focused. During the initial six-month period, the Prime Minister announced that businesses will be provided with “equivalent support” to domestic energy users.