Tens of thousands of small companies are at risk of closing down due to being locked on to high energy bill contracts last summer, the Federation of Small Businesses has warned
The FSB estimates 13 per cent of its members signed on to fixed energy bills in the second half of last year. These rates are far higher than what the market is offering currently, and some businesses are simply finding it
“The least energy suppliers should do is to allow small businesses who signed up to fixed tariffs last year to ‘blend and extend’ their energy contracts, so that their bills are closer to current market rates,” said Ms McKenzie. “We’d also like to see the Government and Ofgem support this initiative.”
The influential trade body is calling for energy suppliers to allow these companies to move to a lower rate. “Many small businesses agreed to lock in energy contracts last year to ensure they qualified for the maximum level of Government support,” said the FSB policy chair Tina McKenzie. Of those who signed on to fixed rates, one in 10 say they may have to close down, downsize or radically restructure their business in order to survive.shows that 105,300 UK businesses closed in the first quarter of 2023, a slight improvement on the same period a year before but still the second-higher number of first-quarter closures in the ONS’ records. Accommodation and food services have seen the biggest uptick in closures, up 15 per cent on a year prior.
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