High energy prices are pushing our firms to breaking point

Friday 26 August 2022

Richard Burge, Chief Executive of London Chamber of Commerce and Industry (LCCI), said:

“We are alarmed by today’s announcement of an energy price cap rise by Ofgem. High energy prices are pushing our firms to breaking point, particularly small and medium sized enterprises in London that cannot shoulder the meteoric rises with the ease of larger businesses. If an intervention is not made by the government, we will see a significant number of businesses go under due to unsustainable trading conditions.

We strongly support the British Chamber of Commerce’s (BCC) calls for a temporary 5% reduction in VAT on energy bills and for Covid-style support measures through the introduction of a Government Emergency Energy Grant for SMEs. The government must grapple with high energy prices and the cost of doing business crisis as a matter of urgency in order to boost productivity and deliver economic growth for the UK. ”

ENDS