Business energy prices are to be cut by half
Stay informed with industry news, tips, and practical guides for hospitality professionals.
The government has announced a huge support package that will cut energy bills for UK businessses by around half their expected levels for the winter of 2022.
Called The Energy Bill Relief Scheme, it will fix gas and electricity prices for all companies for six months from 1st October 2022.
Other entities such as schools, hospitals and charities will also benefit from the support package. This will include other entities such as community halls and churches.
The announcement follows a £150bn plan that was introduced to help households with increasing energy costs for two years.
The government hopes the latest support on energy will help reduce mass bankruptcies and job losses, especially across the hospitality sector, but key industry personnell are not so sure.
Michael Kill CEO NTIA says:
“As the number of failing businesses we engage with escalates on a day to day basis, with many business owners and operators emotionally and mentally drained from over 3 years of uncertainty, questions are quite rightly being asked of the Government and its plans for the sector.”
“Time is quickly running out, with hundreds of businesses already unable to hold on, making irreversible decisions about their future, with thousands of jobs lost or at risk.”
“We have now reached such a crisis point that only immediate and large-scale interventions can save huge parts of the sector, with substantial cuts to VAT, an extension of business rates relief and a meaningful energy price freeze for Small Medium Enterprise businesses which is affordable.”
“On Friday we need a concise and detailed plan from the Government on how they will support businesses through this crisis, nothing less than this is acceptable.”
Reference: https://ntia.co.uk/ntia-says-3-out-of-4-night-time-economy-businesses-are-on-a-financial-cliff-edge/
The scheme, revealed by the Department for Business, Energy and Industry, expects wholesale prices to be fixed for all non-domestic energy customers at £211 per MWh for electricity and £75 per MWh for gas for six months.
The discounts will be automatically applied to bills from October.
Ready to simplify hospitality ops?
We’ve got you.
Speak with an Opsyte expert to see how we help:
- Save hours on staff scheduling and rota planning
- Automate invoice processing and financial insights
- Track live labour costs vs sales in real-time
- Get fast answers and support from real humans
- Automate your P&Ls
“Opsyte transformed our entire back office. Game changer.”
Read articles from our hospitality experts
-
Revolutionising Nightlife: Innovative Nightclub Promotion and Marketing Strategies for the Hospitality Industry
Promotion Ideas for Nightclubs: Enhancing Your Nightlife Marketing StrategyIn today's fast-paced, dynamic hospitality industry, standing out from the crowd is crucial. The nightlife sector, particularly nightclubs, need to continually innovate…...
-
Boost Your Catering Business with the Best Hospitality Technology: Comprehensive Guide on Choosing the Right Catering Software and Event Management Tools
Transforming the Hospitality Industry: The Impact of Catering SoftwareWithin the ever-evolving hospitality industry, catering software has become a game-changing innovation. This hospitality technology provides an efficient solution for the managemen...
-
Leveraging QSR Reports for In-depth Fast Food Analysis: Unveiling Restaurant Industry Trends, QSR Industry Data and Future Trends for Robust Business Insights and Growth
Understanding QSR Reports and Their Impact on the UK Hospitality IndustryWith a fast-paced lifestyle, the Quick Service Restaurant (QSR) industry is experiencing exponential growth worldwide. In the United Kingdom, this…...
-
Minimising Food Waste in Restaurants: Sustainable Practices for the Hospitality Industry
How to Reduce Food Waste in the Restaurant IndustryFood waste management has become a significant challenge in the UK hospitality industry. As more consumers become eco-conscious, many restaurants are striving…...
-
Decoding Restaurant Finances: A Comprehensive Guide to Using a Restaurant Profit Margin Calculator for Effective Cost Management and Profitability
Understanding the Restaurant Profit Margin Calculator: A Key to Profitability in the Hospitality IndustryRunning a successful restaurant in today's competitive hospitality industry demands more than extraordinary culinary skills or an…...
-
Unlocking the Potential of QSR Franchise: A Comprehensive Guide to Fast Food Franchising in the Hospitality Industry
Understanding the QSR Franchise: An Insight into the Fast Food BusinessThe hospitality industry, particularly the fast food industry, has witnessed a tremendous growth in recent years, driven by a rising…...