Recent research has shown that most small businesses and SMEs will be forced to raise their prices just to cope with the cost of energy otherwise they could risk business collapsing. 54% of SMEs have said that their biggest challenge for this year has been rising fuel and energy costs.
Due to this many businesses are calling for the government to address price hikes and implement an energy price cap for businesses. As of now the energy price cap only affects domestic customers as households were finding it hard to pay their bills. However small business owners are now seeing rapidly increasing energy prices as well as rising costs in most if not all other operation areas.
Another way small businesses want to see more help from the government is with access to funding as without this many fear closure towards the end of this year. Businesses are also concerned with the cost of living going up, consumers are cutting back on non-essential spending which could damage these businesses even further.
See more on the support the government has offered for a business energy price cap here.
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