Credit, Collections & Insolvency News
The end of the Energy Bill Relief Scheme in seven days could threaten the future of hundreds of thousands of small firms, according to research by the Federation of Small Businesses (FSB). With help for energy bills due to be radically downscaled in a week’s time, FSB is warning that 370,000 small businesses who fixed…
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New research by Dun & Bradstreet has found that almost half (43%) of global business leaders see energy price increases as their biggest challenge this year, despite Western countries’ best efforts to impose energy spend caps over the winter months and control inflation. Dun & Bradstreet which surveyed 3,396 business leaders across 18 countries revealed…
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Business energy retailer United Gas & Power (UGP) has been hit with a £2.1 million financial penalty for multiple breaches of its licence conditions. A two-year investigation by Ofgem concluded that UGP deliberately overcharged customers, did not return credit balances owed to former customers and repeatedly failed to properly communicate at time of contract renewal.…
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Proposals have been unveiled to breathe new life into the water retail market after an in-depth review concluded it is still not delivering benefits for most business customers in England. The Consumer Council for Water (CCW) has published a series of recommendations aimed at tackling the problems which continue to hamper the water market for…
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Chief Executive of UKHospitality, Kate Nicholls, has warned the energy secretary that the industry regulator needs to be handed powers urgently to tackle the treatment of business customers by suppliers. In a letter to Grant Shapps MP, the Secretary of State for Energy Security and Net Zero, UKHospitality has reiterated the pressing need for OFGEM…
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The Institute of Directors (IoD_ has written to Ofgem urging them to take action to secure a well-functioning energy market for non-domestic customers. Recent IoD data highlighted that one in five (18%) respondents encountered at least one form of negative behaviour when asked if they had experienced disadvantageous treatment by energy suppliers in the previous…
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Almost two-thirds (65%) of UK retail business owners report that the rising cost of living has made running their business harder, with nine out of ten (87%) of those businesses saying it has been the “toughest winter in memory” for their business according to a new poll by Santander. The data revealed the biggest challenges…
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Analysis from credit score company Experian has found a third of small businesses might not be able to cover their costs when energy bill support is slashed by the Government in April. Experian analysed the finances of 1.16 million small businesses and forecasts that 30% of these will become ‘at heightened risk’ – meaning they…
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Small businesses on fixed rate energy deals face a surge in their bills when the Government’s current Energy Bill Relief Scheme ends. As of April, a cap on the price of gas and electricity will be replaced by a new scheme which offers a much less generous discount on energy bills. The Government has set…
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Water retailers have been encouraged of the need to go the extra mile to help businesses and boost customer satisfaction by the Consumer Council for Water (CCW). The research, conducted every two years, shows that overall satisfaction has declined for both water and sewerage services – from 91% to 88% and from 88% to 82%…
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The Government has announced that it will reduce support for businesses with energy bills after warning that the current level of help was too expensive. Under the new scheme, firms will get a discount on wholesale prices rather than costs being capped as under the current one. Heavy energy-using sectors, like glass, ceramics and steelmakers,…
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A survey of over 1,000 UK small businesses has revealed that rising fuel and energy costs is now believed to be one of the greatest threats to SME survival in 2022. The SME Insights Report, published by small business insurance provider Simply Business, also found that one third (36%) stated tax and national insurance hikes are their greatest concern.…
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Business groups are expecting Government help with their energy bills to be halved after March, when the existing package of support expires. Chancellor Jeremy Hunt told business groups on Wednesday that the support would be at a lower level to protect the public finances from volatile energy markets. Gas and electricity prices have been fixed…
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