43% Increase in Energy Cost are Hampering UK Small Business

Planned crackdown on gas and electricity bills is incredibly making a sharp increase in energy prices, which is affecting small and medium sized businesses, stated in a new study. Research done by energy consultancy Utilitywise claimed that energy costs for SMEs have already raised by 43% since 2010, and might make it worse by more crippling prices for companies.

Utilitywise also said that Tories’ assumed plan would deter competitor in the commercial energy sector. Even, it will lead to more increase in prices for already struggling small and medium sized companies, causing difficult to handle with constantly rising costs.

small businessThese escalating prices are very destructive to UK economy, as SMEs owners are already facing a lot of pressure, due to increase in business rates and again, another general election causing changes in economics. In accordance with Business, Energy and Industrial department strategy, SMEs is already paying £15bn a year on energy.

Previously this month, Prime Minister Theresa May confirmed that Conservative manifesto is going to involve a plan for controlling energy prices rise. Furthermore, it will protect around 17 million families on standard variable tariffs from being exploited with the sudden rise in costs.

Although the introduction of cap for domestic market making energy vigorous industries exempt from policy costs. But the only sector left is small businesses who is stuck in the middle. SMEs are missing these opportunities because of political disruption, lack of long-term government vision and lack of education that we’ve found in recent years. So, it’s high time that politicians should look at this issue and help business owners.

On the other hand, a small business owner may protect from higher price by switching business energy supplier. Simply, they can compare business electricity prices online on Ofgem accredited energy comparison website. After that, they can select cheaper energy deals for business gas and electricity and save money.

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