If energy bills continue to rise as expected beyond Wednesday’s six month announcement, one in seven businesses may either close down or have to downsize. The economic damage this would cause includes insolvencies, wreaking further havoc on supply chains, SMEs, and sectors with thin profit margins such as retail and hospitality.
Businesses cannot hope to invest and grow as they – and the government – wants in the face of such uncertainty.
We must face facts: short-term measures merely kick the can down the road. We need the government to commit to long-term incentives for retrofit in today’s mini-budget for both homes and businesses, who, given rampant inflation, need all the support they can get right now.