Energy price increase and what that means for business – London Business News | Londonlovesbusiness.com

Today’s news has confirmed that businesses across the UK are bracing for a significant energy price increase.

Liam McKee, Head of Digital & Growth at BusinessComparison said, “The forecasted increase in energy prices from 1st October will be worrying for consumers up and down the country, but business owners will share the same concerns. Companies nationwide will need to brace themselves for a winter squeeze on finances and keep a close eye on their overheads.

“There are still ways to reduce energy costs if businesses act quickly and strategically. For instance, many energy providers offer longer fixed-rate tariffs to businesses, sometimes lasting up to five years. Locking in a preferable rate now could save money in the long run.

“These types of deals offer some reassurance for those who value certainty, but if prices come down, businesses can be stuck overpaying. The process of switching is relatively straightforward with no disruption to energy supplies, so spending some time looking at the range of deals available would be time well spent.”