Energy Bills Risk Driving 10k UK Firms out of Business

Tens of thousands of businesses in the UK are at risk of failure owing to high energy prices, according to a consulting firm.

Red Flag Alert, which self-describes itself as the UK’s “number one insolvency scorecard,” said tens of thousands of businesses may fail next year and those who survive will have to choose between paying energy bills and wages, calling on the government to make it a priority to support businesses.

It comes as new Prime Minister Liz Truss vowed to “take action this week to deal with energy bills” as she moved into No 10 Downing Street on Tuesday.

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Among the 355,000 high-energy-consuming companies with a turnover of higher than £1 million ($1.15 million), one in five (75,972) is at risk of insolvency, with 26,720 expected to fail, beginning next year, according to Red Flag Alert’s estimate. This is on top of the 26,000 insolvencies the firm predicted this year.

The firm also said it would cost £100 billion ($115 billion) a year to prevent the mass failure of smaller energy-intensive businesses.
www.theepochtimes.com/spiralling-energy-bills-risk-driving-tens-of-thousands-of-uk-firms-out-of-business_4715514.html?utm_source=partner&utm_campaign=BonginoReport

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