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Rising Cost of Energy

Monday, May 15, 2023

Nearly half of UK Businesses Consider Closure Due to the Energy Crisis

The rising cost of energy is having a devastating impact on businesses across the UK. A recent survey by NerdWallet found that 45% of UK business owners are considering closure due to the energy crisis.

The survey, which polled 500 UK business owners and senior decision makers, found that the rising cost of energy is having a significant impact on businesses' bottom lines. 43% of respondents said that their energy bills have increased by more than 50% in the past year, and 25% said that their energy bills have increased by more than 100%.

The rising cost of energy is forcing businesses to make difficult decisions. 28% of respondents have already laid off staff due to the energy crisis, and 32% are considering layoffs in the future. 43% of respondents have also raised their prices to offset the rising cost of energy, and 38% are considering raising prices in the future.

The energy crisis is having a ripple effect across the UK economy. Businesses that are forced to close will lead to job losses and a decrease in economic activity. The government must take action to address the energy crisis and help businesses stay afloat.

Here are some of the things that the government can do to help businesses:

  • Provide financial assistance to businesses that are struggling with the rising cost of energy.
  • Offer tax breaks to businesses that invest in energy efficiency measures.
  • Work with energy suppliers to reduce the cost of energy for businesses.

The government must act now to help businesses survive the energy crisis. The future of the UK economy depends on it.

In addition to the government's help, businesses can also take steps to reduce their energy costs. Here are some tips for businesses to save energy:

  • Switch to energy-efficient appliances and lighting.
  • Install insulation in your building.
  • Seal up any air leaks in your building.
  • Encourage employees to turn off lights and appliances when they are not in use.
  • Consider telecommuting or flexitime to reduce the amount of energy used in your office.

By taking these steps, businesses can help to reduce their energy costs and protect their bottom line.

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