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30 Aug 2022

Nearly 14% of small UK businesses expect to close in the next twelve months, according to a new report published by the Federation of Small Businesses.

30 Aug 2022

The UK’s love affair with reading, rekindled during pandemic lockdowns, shows little sign of abating with almost £1 billion being spent on paperbacks and hardbacks already this...

25 Aug 2022

The Trade Remedies Authority, the UK body that investigates whether new trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports, has proposed that...

24 Aug 2022

The Department for Transport has announced a £12.7m trial to begin later this year, in which GPs in England will be able to prescribe walking or cycling as a way of improving mental and...

23 Aug 2022

Government research has revealed that UK businesses only begin to appreciate the importance of cyber security once the business has sustained a “serious” attack.

22 Aug 2022

In its latest Payment Markets Report, UK Finance has said that the 40.4 billion payments made by consumers and businesses in the UK during 2021 represented a return to pre-pandemic payment...

18 Aug 2022

Small shops are defined as any shop less than 1,850m² (or 20,000 ft²). There are around 500,000 small shops in England and Wales – accounting for £11.5bn worth of rateable...

18 Aug 2022

Over 100 leading UK retailers have written a joint letter to Police and Crime Commissioners in England and Wales requesting that violence and abuse against retail workers be made a priority,...

17 Aug 2022

Industry magazine BikeBiz has opened nominations for its annual retailer awards in association with ArmaUrto. Categories include IBD of the Year, Omnichannel Retailer of the Year, and Best...

17 Aug 2022

According to the BRC-KPMG Retail Sales Monitor, retail sales rose in July though the news came with a warning that this could be the “lull before the storm”.

Energy crisis prompts fears of a ‘generation of lost businesses’

Posted on in Business News , Cycles News , Creative News, Outdoor News

Nearly 14% of small UK businesses expect to close in the next twelve months, according to a new report published by the Federation of Small Businesses.

The FSB has warned that rapidly rising energy prices could provoke a succession of business collapses. Its data shows that nearly 53% of small companies expect to stagnate, downsize, or fold in the next year. Fuel and utilities were the most-mentioned causes of this increase in costs.

FSB National Chair Martin McTague is quotes as saying:

“Far too many small businesses are finding it hard to stay afloat with spiralling operating costs and reporting energy bills mushrooming by four or five times in recent months.

“While domestic consumers quite rightly have at least some protection through the price cap and are being given direct cash support, there is no price cap for small businesses and currently no financial support either, despite many seeing energy costs soaring at an alarming rate.

“We also need to see immediate allocation of unspent Covid additional relief funding to help businesses with rising energy costs.”

Mr McTague added that there are levers the government can pull – energy bill support for small firms to match that given to households, a reduction in VAT on energy, a cut in fuel duty.

He said: “Cost pressures more widely could be eased through a reversal in the recent national insurance hike and taking more small firms out of business rates. The government needs to grasp hold of these levers and start pulling them now.
“Small businesses are at the heart of both the economy and communities, and account for 60% of private sector employment.
“The importance of providing support for small businesses in these worrying times cannot be over-stated and must not be overlooked. The number of small firms in the UK shrank by almost 400,000 over the first year of the pandemic. Without support at this time of costs crisis, this year could turn out to be equally catastrophic.”

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