To ask the Minister for the Economy whether he will ensure the provision of grants to those businesses which are most exposed to food and fuel pressures, such as the hospitality sector.

I am acutely aware of the pressure businesses are facing across the board, primarily as a result of soaring wholesale energy costs associated with Russia’s invasion of Ukraine. In the last year, since September 2021, the wholesale cost of natural gas has trebled (+194%), while the cost of coal (+104%) and home heating oil (+107%) has doubled. Coupled with ongoing global supply chain disruptions, these unprecedented increases in energy costs are driving inflation across the economy, including food and other commodities.

As we are seeing across Europe and beyond, the magnitude of these global inflationary pressures means that it can only be tackled meaningfully by significant interventions at a national government level. In that context, I welcome the announcement by the Prime Minister of an Energy Price Guarantee and her commitment that the same level of support will be made available in Northern Ireland. This relief will give households and businesses a degree of certainty with their energy bills over the coming months.

My Department will continue to engage with the UK Government and others to ensure these support measures reach Northern Ireland households and businesses as soon as possible.