Plea to Government to take urgent action to deal with energy crisis
The Chancellor has been asked to act decisively.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Business groups have urged the Government to take urgent action to deal with the energy crisis.
They wrote to the Chancellor asking him to act “decisively” to support consumers with spiralling bills and help business manage inflated costs.
They said: “In doing so the Government can set the conditions for a more resilient and competitive energy system that can underpin the UK’s transition to net zero in the years ahead.
“By acting now, Government and business can mitigate against the economic impacts that high wholesale energy prices for a sustained period will have.
“Failure to do so could see years of higher bills, rising inflation and further increases to business costs.
“Businesses too have been hit by steep rises in their energy bills, with further increases likely as existing fixed tariff contracts come to an end.
“The scale of the crisis has left companies with little protection while they face dealing with soaring wage, shipping and tax costs.
“Small and medium sized businesses are the most at risk.
“Many companies will be left with little other choice than to pass costs onto their customers, adding further inflationary pressure.”
They said small businesses faced the same barriers as consumers when it comes to energy but do not enjoy the same protections.
The five groups, the British Chambers of Commerce, the Confederation of British Industry the Federation of Small Business, the Institute of Directors and Make UK, said businesses were likely to be faced with further costs as existing fixed tariff contracts come to an end.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.