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6 Oct 2023

gogeta, the new tax-free cycling platform that offers a much fairer deal for independent bike retailers, has had more than 150 retailers sign up since its launch. gogeta, which is the only cycle...

4 Oct 2023

Shop owners have called on the Home Secretary to specifically outlaw attacks on retail workers.

4 Oct 2023

From the start of October, bans and restrictions on single-use plastic cutlery, polystyrene cups and food containers, single-use balloon sticks and certain types of polystyrene cups and...

2 Oct 2023

A new survey conducted to coincide with Cycle to School Week has revealed that more than a third of children are put off riding a bike because the roads are too busy. 28% said that...

2 Oct 2023

Simon Storey, of The Bicycle Bus has been presented with the Green Award at the BBC Coventry & Warwickshire Make a Difference Awards.

2 Oct 2023

A new report has indicated a total year on year fall of 8% in the UK bicycle market, with both mechanical and electric bikes affected. Sales of the latter were especially impacted and lagging...

20 Sep 2023

ACT members will benefit from a long term discounted commission of just 3%

18 Sep 2023

New statistics showing a 5% fall in cycling from last year should be a “wake-up call for the government” and are due to the Government's "flawed" decision to slash the...

18 Sep 2023

The government’s Active Lives Survey has revealed that, in 2022, Cambridge (50%), Oxford (35%), Isles of Scilly (30%), Hackney (28%), and Southwark (25%) were the five local authorities in...

18 Sep 2023

ACT member Balfe’s Bikes has begun its plan to introduce Cytech apprentices to its stores and upskill existing staff through the Cytech training programme.

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Energy crisis prompts fears of a ‘generation of lost businesses’

Posted on in Business News , Cycles News , Creative News, Outdoor News

Nearly 14% of small UK businesses expect to close in the next twelve months, according to a new report published by the Federation of Small Businesses.

The FSB has warned that rapidly rising energy prices could provoke a succession of business collapses. Its data shows that nearly 53% of small companies expect to stagnate, downsize, or fold in the next year. Fuel and utilities were the most-mentioned causes of this increase in costs.

FSB National Chair Martin McTague is quotes as saying:

“Far too many small businesses are finding it hard to stay afloat with spiralling operating costs and reporting energy bills mushrooming by four or five times in recent months.

“While domestic consumers quite rightly have at least some protection through the price cap and are being given direct cash support, there is no price cap for small businesses and currently no financial support either, despite many seeing energy costs soaring at an alarming rate.

“We also need to see immediate allocation of unspent Covid additional relief funding to help businesses with rising energy costs.”

Mr McTague added that there are levers the government can pull – energy bill support for small firms to match that given to households, a reduction in VAT on energy, a cut in fuel duty.

He said: “Cost pressures more widely could be eased through a reversal in the recent national insurance hike and taking more small firms out of business rates. The government needs to grasp hold of these levers and start pulling them now.
“Small businesses are at the heart of both the economy and communities, and account for 60% of private sector employment.
“The importance of providing support for small businesses in these worrying times cannot be over-stated and must not be overlooked. The number of small firms in the UK shrank by almost 400,000 over the first year of the pandemic. Without support at this time of costs crisis, this year could turn out to be equally catastrophic.”

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