Businesses could further struggle with energy prices this Winter

Article posted

22nd Aug 2022

Read time

2-3 min read

Author

Mollie Pinnington

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With gas prices and electricity prices rising, many businesses are seeing a sharp rise in their spending and having to cut back on certain services. This has led to many SMEs to worry about how their business will cope through the winter. However, unfortunately from the current energy market, it is looking like these prices are not set to come down for a long time.  

As well as rising energy prices the UK’s small business sector is also being hit with increases in wages, higher material costs, supply chain crunch and most are still suffering from the fallout from Brexit. In the second quarter of 2022, the business that faced the most increase in cost was Hospitality Services, Manufacturing, and construction. All these types of businesses also reported higher input costs than the previous year.  

Many industry groups are now calling on the government to help these businesses with their energy bills through winter or we could see more businesses shutting down and further jobs lost across the UK. To shed some light on this dire situation the government has come up with a plan to offer high energy usage firms some relief on their energy bills. However, Many businesses are still going to be left wondering how much help they are going to get especially with the two PM candidates both having different opinions on each sector of the UK. 

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