UK small and micro business owners have this week been dealt yet another devastating blow as the energy crisis takes hold, warns UKBF (formerly UK Business Forums).
Whilst media reporting on the UK’s energy crisis and its impact on consumers continues to gather pace, there is a notable gap in reporting on the impact it will have on small businesses.
UKBF founder, Richard Osborne, says: “Businesses are still suffering from the effects of COVID-19, with many more casualties still to come as the Government tapers away the support packages further. We have supply chain issues, both local and internationally, and now energy costs are skyrocketing and suppliers are going out of business. We have to ask how much more can businesses take?”
Many small business owners, the backbone of the UK economy, are at a tipping point. The energy crisis compounds the series of blows they have been dealt through pandemic devastation, the end of furlough, plans to increase National Insurance, and hiking costs due to issues with supply chains.
Growing concern amongst small and micro business owners is clear from discussions within UKBF, the UK’s online community of 270,000 small and micro business owners: “I did a comparison last week, checking my current tariff that I’ve had with EDF for about 10 years with the market. The best offer I had was an annual increase of around £150.” Mike Jefferies, UKBF Community Member
Richard Osborne, UKBF founder, continues: “The Government provides a number of protection options and caps for consumers which are important, but what protection is being given to small businesses still trying to dig themselves out of the past 18 months of struggle?” UK small businesses have already suffered an estimated cost of over £69 billion due to COVID-19 and, during 2020, small business owners are reported to have suffered an average loss of £11,779.