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25 Oct 2022

Glasgow, Scotland - Bike for Good is proud to bring the internationally recognised training and accreditation scheme for bicycle technicians to Scotland for the first time. The first Cytech...

25 Oct 2022

Together with our partners at V12 Retail Finance, we are highlighting the FCA Consumer Duty and the four key outcomes that the FCA will be looking for authorised businesses to adhere to.

24 Oct 2022

New research has indicated that UK shoppers could spend £4.4bn less on essentials ahead of Christmas – a 22% drop as the rising cost of living impacts on disposable income.

20 Oct 2022

Cycling charity Cycling UK has renewed its call on the Government to close the loophole in the law which allows people to escape driving bans.

20 Oct 2022

VOLT today announces the launch of a collaboration with Deliveroo, the food delivery company, to trial subsidised e-bikes for a group of riders across the UK.

19 Oct 2022

Rouleur Live is Rouleur magazine brought to life, bringing together the best guests and the finest brands to offer consumers a truly unique celebration of cycling culture in London this...

18 Oct 2022

People are looking to reduce their fuel spending by taking more journeys by bike, with as many as 30 per cent excited to rediscover two-wheeled journeys, according to a study by online cycling...

17 Oct 2022

The new Chancellor of the Exchequer, Jeremy Hunt, has confirmed in a statement that the Energy Bill Relief Scheme for businesses will continue to the end of March 2023 as planned.

14 Oct 2022

The Department for Business is asking all businesses to respond to a survey on energy bills and the impact increased costs are having on your business. The IRC is similarly urging members to...

13 Oct 2022

National media has reported that most Britons say that the cost-of-living crisis is forcing them to shun local shops in favour of big brands to get the cheapest prices.

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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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