The anticipated increase in energy costs to £1,738 from January 2025 will severely affect SMEs already facing pandemic recovery hurdles and inflationary pressures.
With National Insurance contributions set to rise in April 2025, SMEs are confronting an array of financial challenges, including increased operational costs from rising energy prices.
The energy price cap increase, although not directly affecting businesses, will influence wholesale prices leading to broader cost escalations for all sectors.
Businesses must consider proactive measures to mitigate rising costs, such as reviewing energy contracts, exploring fixed-rate options, and adopting energy-saving initiatives.
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