Energy bill help for small businesses

It's not just households struggling with soaring energy bills. Small business are too. But, says David Prosser, there are several ways to help mitigate the impact.

Woman hanging "closed" sign on door
Talk to your energy supplier before it’s too late
(Image credit: © Getty Images)

It is easy to overlook the problems facing small businesses amid the clamour for help for households struggling with soaring energy bills. But with no price cap on energy bills in the business sector, the country’s 5.6 million small and medium-sized enterprises are facing huge pressure. The Federation of Small Businesses has warned that over half of all small firms expect to shrink, or even fold, over the next 12 months because of energy costs. Energy groups have called for pandemic-style support packages.

In the meantime there are some steps you can take to protect your business. Regulator Ofgem has implored any firm struggling with rising energy bills to get in touch with their energy provider as soon as possible. Ignoring the problem will make it harder to agree a manageable solution; the business could even be disconnected.

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David Prosser
Business Columnist

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.