Firms Paying Large Bonuses May Not Receive Energy Cash

Firms paying large bonuses or dividends may not be eligible for the state-backed financial support that is being considered to help businesses worst-affected by soaring energy prices, a minister has signalled.

- Ashley Cowburn Ben Chapman

It comes as the Treasury mulls proposals submitted by Kwasi Kwarteng, the business secretary, on Monday, amid an extraordinary turf war between the two departments over government aid for the sector. Boris Johnson has reportedly sided with Mr Kwarteng and backed a multimillion-pound bailout to prevent energy intensive industries going to the wall, but no announcement has yet been forthcoming.

The Independent also revealed that the UK could be forced to rely on other nations for key nuclear and defence components unless ministers offer heavy industry an energy bailout – piling further pressure on Rishi Sunak to accept the proposals.