British companies are facing a “cost-of-doing-business crisis” with many energy bills expected to rise more than fourfold.
The majority of UK companies are due to renegotiate their electricity and gas rates in October, but estimates by consultancy Cornwall Insight show businesses will have to pay more than four times the price they paid for their electricity in 2020.
Paul Wilson, policy director at the Federation of Small Businesses, said the government needed to intervene to prevent thousands of companies from going to the wall.
The British Chambers of Commerce issued its own warning in a letter to the government and the two Conservative candidates in the race to become the next prime minister.
