UK businesses are being tested on several fronts right now. With rising interest rates, inflation, the ongoing cost-of-living crisis, supply chain issues, technology, and the pressing need to address emissions, leaders need mitigating strategies to ensure their businesses survive.
Ten-year predictions indicate that energy prices will continue to elevate, and this means that energy bills may continue to negatively impact UK business, so in this blog we explore:
- the impact of energy prices on businesses.
- what government support is available towards energy costs.
- ways to improve energy use at your business.
Energy prices are falling, but they still represent a significant challenge, and particularly for those on fixed contracts that won’t benefit from the drop in wholesale prices.
For some businesses, it’s make or break. The number of company insolvencies in April 2023 doubled for the same period in 2022, with 183 compulsory liquidations.
Looking ahead for the rest of 2023, 17% of trading businesses expect to raise the prices of goods or services they sell. More than a quarter (27%) of these businesses reported energy prices as a reason for considering these increases.