The Federation of Small Businesses has warned that “soaring fuel and utility bills will spell the end” for many companies.
It has called on the chancellor to help businesses with surging costs in tomorrow’s Spring Statement.
It said average electricity bills for small commercial premises had risen from just under £5,000 at the beginning of last year to more than £11,000 today, an increase of 145%. Average gas costs were up by 258% to just below £5,000.
The FSB urged Rishi Sunak to use the statement to cut fuel duty, assist the smallest companies with energy bills and reform business rates to take more businesses out of the commercial property tax system.
