A newly formed #BusinessSOS campaign, founded by organisations representing over 150,000 retail, leisure, hospitality and tourism businesses warns the energy crisis could inflict “irreversible damage” on UK high streets.<\/p>\n
The campaign says mass closures and redundancies are inevitable if Government does not swiftly implement measures that alleviate the critical pressures that businesses, like households, have been facing since April 2022.<\/p>\n
It wants VAT slashed, with the headline rate reduced from 20% to 12.5% and business energy bills cut from 20% to 5% to match domestic billing.<\/p>\n
The campaign is also urging 100% business rate relief until 31 March 2023 and a discounted kwh price on all business energy bills.<\/p>\n
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Jonny Noble, manager of Bradford Business Improvement District (BID), said: \u201cSoaring energy costs and the highest inflation for decades are having a huge effect on all businesses in Bradford and for some the impact is devastating. Without urgent help, there can be no doubt that many will go the wall.<\/p>\n
\u201cThe current cost of living scenario has the potential to be far worse than the effect of the Covid pandemic lockdowns with businesses facing wholly unmanageable charges just to keep their lights on and their doors open to customers.<\/p>\n
\u201cThey also face the very real threat of customers staying away because they\u2019re saving their money to pay for energy bills and increasingly expensive basics such as food and clothing.<\/p>\n
\u201cWe recognise the scale of this crisis is a huge challenge for the Government but without substantial, targeted help, many businesses will not survive and the repercussions for Bradford \u2013 let alone the wider economy \u2013 are potentially monumental.”<\/p>\n
Vaughan Allen, CEO of CityCo and Manchester BID said: \u201cEvery hour brings more stories from businesses of crippling rises in their utility bills.<\/p>\n
“Alongside the increased costs of raw materials and huge pressure on staff wages, there is a perfect storm brewing that will see thousands of businesses go under.<\/p>\n
“We are on the edge of a precipice and businesses across hospitality, retail and leisure need help now to pull them back.\u201d<\/p>\n
Matthew Sims, founder of #BusinessSOS campaign and CEO of Croydon BID said: \u201cThe new Prime Minister has days to save the high street as we know it.<\/p>\n
“The impending announcement on how the Government will tackle the energy crisis facing businesses will either ensure businesses can remain trading or set in motion mass closures and redundancies.<\/p>\n
“The clock is ticking for the new Government to provide clarity and introduce measures providing tangible and immediate relief.\u201d<\/p>\n
Bill Addy CEO of Liverpool BID and Chair of The BID Foundation added: “Businesses recognise that<\/p>\n
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Bill Addy, CEO, Liverpool BID<\/p><\/div>\n
they benefited from the immediate support given them during the pandemic but we are in danger of all that support being thrown away as those same businesses that have worked valiantly to recover will be decimated by the cost of living \u00a0crisis.<\/p>\n
“Business is now at a watershed moment that needs an urgent response from our new Prime Minister, they need hope and certainty if they are to survive. It is business that will ensure that UK can grew the economy out of the coming recession but do that business needs to survive and that requires urgent action.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Dire warning that spiralling energy costs are hitting high street businesses harder than the pandemic<\/p>\n","protected":false},"author":238857,"featured_media":2099072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"coauthors":[62387],"class_list":["post-2099055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-featured-story"],"yoast_head":"\n