The Chancellor announced a package of reforms to "radically reduce" energy costs for businesses, especially manufacturing, pledging savings of up to £7 billion by 2018/19 for industry as well as households.
George Osborne said the move will particularly benefit the most energy intensive manufacturers, around 80% of which are based in the North of England, Scotland and Wales.
Measures will include capping the carbon price floor (CPF), which sets rising amounts for the carbon tax paid by electricity generators.
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The company said it had "considered pricing changes very carefully" and "sought to minimise the impact on customers".
Chief Executive Ross McEwan told ITV News he was "pleased" with the bank's performance and would therefore accept his role-based allowance.