Urgent intervention is needed to ensure viable businesses don't go bust amid spiralling energy costs, a leading business group has warned.
New survey data from the Confederation of British Industry (CBI) found more than two-thirds of firms expect their energy costs to increase over the next quarter, with a third expecting price rises to act as a barrier to growth by stifling current or planned investment in energy efficiency measures.
“While helping struggling consumers remains the number one priority, we can’t afford to lose sight of the fact that many viable businesses are under pressure and could easily tip into distress without action," said Matthew Fell, chief policy director at the CBI.
The group said it will work with new ministers to explore all options for navigating the crisis and has proposed a three-point plan that can be delivered "at pace" to support vulnerable consumers and businesses by targeting help where it is needed most by cutting costs and kick-starting an energy efficiency drive to reduce demand and boost energy security.
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