Just under half UK businesses worried their business will not survive due to spiralling energy costs, finds survey

Just under half UK businesses worried their business will not survive due to spiralling energy costs: A survey has revealed the plight of UK businesses trying to survive amid spiralling  energy costs, with just under half (45%) of the business owners and senior decision makers polled saying they are worried that their business may not be able weather the storm. 

 

The survey by financial comparison site, NerdWallet polled 500 businesses, also revealing that a quarter of companies have had to make redundancies due to rising energy costs, with a a further 28% reporting that they have stopped employees sharing their devices in the workpace in a bid to conserve energy. 

 

In response to spriarling energy costs in 2022, 43% of respondents said they had increased their prices, with a further 8% planning to do so in the coming weeks and months. 

 

Respondents were asked about the measures they were taking as a buisness to reduce energy usuage and cut down on bills, with 68% saying they have changed to a hybrid working structure, and a third (32%) revealing they have fully moved to remote working. 

 

For respondents who revealed they have been unable to make up losses by increasing their prices, many have had to make further cuts elsewhere. More than two in five (43%) said they have cut budgets for staff training, while 38% said they have put a freeze on hiring new employees. Just over a third said they have tried to balance the books by downsizing their office. 

 

Connor Campbell, NerdWallet’s business finance expert, said: “When we conducted this survey, we perhaps expected to see some level of hardship reflected in the results. However, the amount of scaling back and budget cuts laid bare in this survey highlights just how much UK businesses are struggling to get to grips with the energy crisis."

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