Government still planning fiscal statement for later this month

The government is still planning to make a fiscal statement before the end of this month to outline support for the economy, it is understood.

The exact date of the announcement is yet to be confirmed as plans have been disrupted by the period of national mourning following the death of Queen Elizabeth II.

The government has been under pressure to outline further details of its energy support plan for businesses and households, which was announced last week.

The Queen's funeral is set to take place on 19 September. Parliamentary business has been postponed until after 21 September and parliament is currently due to rise for recess on 22 September ahead of the Labour and Conservative party conferences.

Last week it was announced that typical British households will see the unit price of energy capped at a level that will see them pay no more than £2,500 per year, for two years from 1 October.

Businesses are set to receive "equivalent support", but only for six months. This will be followed by targeted measures for industries such as hospitality, but no further details have been confirmed.

UKHospitality chief executive Kate Nicholls tweeted: "Emergency Budget suggested to be held next week to provide details of energy support package. Hospitality businesses are battling for survival in face of soaring bills, inflationary headwinds and cost of living squeeze need VAT cuts and business rate relief as well as energy cap."

Hospitality and tourism trade bodies previously warned the sectors had no time for 'drip-fed' support measures with many businesses already closing or reducing trading hours due to spiralling costs.

Image: Fred Duval / Shutterstock