UK to set out reduced support for business energy costs next week

"The chancellor explained that any future support, while at a lower level, would be designed to help them transition to the new higher price environment and avoid a cliff edge in support," the ministry added.

Britain's government will set out plans next week for scaled-back support to help businesses with energy costs, the finance ministry said on Wednesday. British businesses are currently receiving 18 billion pounds ($22 billion) of subsidies to their energy bills through a six-month programme that ends in March.

Finance minister Jeremy Hunt had told businesses at a meeting on Wednesday that this programme was "unsustainably expensive", the finance ministry said. "The chancellor explained that any future support, while at a lower level, would be designed to help them transition to the new higher price environment and avoid a cliff edge in support," the ministry added.