Businesses at risk with rising energy costs, CBI warns

The survey data shows that over two-thirds of firms expect their energy costs to increase over the next quarter, and a third of businesses expect energy price rises to act as a barrier to growth by stifling current or planned investment in energy efficiency or Net Zero measures. 

The business organization added that further energy price rises could push many viable businesses to the brink unless urgent action is taken to support them and their supply chains.  

Matthew Fell, CBI chief policy director, said: “The impact of soaring energy prices on households is going to have serious consequences, not just for individuals but for the wider economy.  

“While helping struggling consumers remains the number one priority, we can’t afford to lose sight of the fact that many viable businesses are under pressure and could easily tip into distress without action.”      

Fell continued: “The guiding principles for any intervention must be to act at speed, and to target help at those households and firms that need it most.”