UK unveils $45-billion energy bill bailout for businesses in Europe

"We'll ensure the most vulnerable businesses continue to be supported after that," said British PM Liz Truss

The British government unveiled a multibillion -pound bailout to help companies with their energy bills this winter amid soaring prices that threaten to put many out of business.

Under the estimated £40 billion ($45 billion) plan, announced in a statement, the government will cap the wholesale energy prices that feed into gas and power contracts for businesses for six months. Thereafter, a review will determine whether ongoing support is needed for specific sectors. 

The cap for businesses is set at 21.1 pence per kilowatt-hour for electricity and 7.5 pence for gas, the government confirmed, after Bloomberg News reported the numbers. That would