Warning that firms will fail without energy bill help
According to Red Flag Alert, there are 355,000 companies with a turnover higher than £1m that are designated as high energy users - industries such as steel, glass, concrete, and paper production. Of those, the company estimates 75,972 are at risk of insolvency, and they estimate 26,720 of them could fail because of energy costs. That is in addition to the 26,000 insolvencies they had already predicted this year.
"If the cost of energy doubles to 16%, that instantly wipes out profitability, and they're straight into a scenario where it threatens the viability of the business within a year." "The only thing I can do is wait to see what help the government will give. I can't innovate out of it. I can't put prices up because our customers don't have the money."
Red Flag Alert calculates businesses overall will need £100bn a year in support to tackle the rise in energy bills. "There needs to be some confidence and that can only come from government support by the prime minister and the chancellor," he said.
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