UK cuts energy support for business to 5.5 billion pounds

LONDON (Reuters) - Britain announced plans on Monday to scale back energy subsidies for businesses for the next financial year to 5.5 billion pounds ($6.7 billion), after the government described the current level of support as "unsustainably expensive".

The current six-month programme of energy support that is due to expire at the end of March was predicted to cost 18.4 billion pounds when the government's budget watchdog published forecasts in November.

"My top priority is tackling the rising cost of living - something that both families and businesses are struggling with," finance minister Jeremy Hunt said in a statement. "That means taking difficult decisions to bring down inflation while giving as much support to families and business as we are able."

($1 = 0.8199 pounds)

(Reporting by Andrew MacAskill; editing by David Milliken)