Small businesses braced for energy price hikes

Posted at September 10, 2013 » By : » Categories : News » Comments Off on Small businesses braced for energy price hikes

Small businesses braced for energy price hikes

Posted on 10 September 2013 by Tom Grimwood

More than nine out of ten small business owners (94%) are braced for energy price hikes in the near future, with two thirds (67%) expecting prices to shoot up by over 10% in the next year.

According to a new survey by price comparison site Make it Cheaper, energy bills are seen as the “most unfairly priced cost” for small businesses (28%) with fuel coming in second (21%).

Despite claims by the energy industry that bigger bills are down to increased taxes, only 11% believed them, with 45% blaming suppliers’ “determination to make a profit come-what-may”.

Nearly a quarter (23%) of people said too much reliance on energy being imported into the UK was the most likely cause of energy price inflation, 11% blamed it on the government’s environmental subsidies included in bills while 10% said it is due to the lack of competition between suppliers in the energy market.

Entrepreneur and small business advisor Doug Richard said: “The disproportionate cost of energy looks set to remain public enemy number one, certainly for the business community. Anyone holding on for a drop in prices is in for a long wait.”

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