The government’s decision to slash energy bills support risks stoking inflation
The IndependentSince the onset of Covid, we’ve lost half a million small firms. Allowing more well-run businesses to go under creates a false economy – and the government’s absurd and out of touch decision to slash energy support is taking us one step closer to this nightmare. But our research shows that, if we face continuing high energy prices, a quarter of small firms will consider whether to close, downsize or restructure when energy support largely reduces in March. From the small engineering company in Leicester facing a 500 per cent increase in gas bills, to the children’s nursery in nursey in East Sussex which will lose the 50 per cent discount on bills provided through the EBRS, they will have no way to mitigate a sharp jump in energy costs. One line that particularly stood out in the government speech is the offensive: “It’s not for taxpayers to prop up failing or unproductive firms.” If this is the government’s attitude to hardworking small firms up and down this country, then the energy price crisis is just the start of our problems.
History of this topic
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UK’s ‘broken’ energy system revealed as firms set to make £1.7bn profit
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Martin Lewis gives verdict on whether energy bills will rise
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Energy bill support could be cut after April 2023, says Jeremy Hunt
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British Gas will donate 10% of profits to help cut energy bills
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UK energy crisis: Warning bills may soar 30% in 2022
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