Energy crisis needs to act as wake-up call, says Hastings business leader

John Bownas, manager of Love Hastings Ltd, made the comments as part of a new campaign representing the concerns of more than 150,000 businesses.

#BusinessSOS warns that harm caused by the spiralling energy crisis is superseding the pandemic with the potential to cause irreversible damage to UK high streets and the economy.

Mr Bownas said: “As well as the immediate and medium-term support called for in this campaign, every government in the world needs to see this crisis as a wake-up call to finally sever reliance on fossil fuels.

"Not only are prices incredibly volatile, but we are mere decades away from these non-renewable resources running out. Spending £100bn in the UK alone on an interim loan that pumps more profits into the pockets of the energy giants and that has to be repaid by consumers through increased bills and taxation over the next twenty years is just an expensive sticking plaster.

"Not only that, but current proposals merely freeze prices until the loan runs out at a level that is almost double what it was only months ago – and already sees those giants posting eye-watering profit statements with millions of households and businesses struggling to pay.

"We need to see a similar or even greater investment in solar and heat-pump technology alongside efficient energy storage and insulation solutions. And we need to see energy production democratised with more locally owned and managed schemes that avoid the wealth transfer monopolisation of the market that we have today.”

#BusinessSOS has issued a three-point-plan to support ailing businesses.

It includes reducing the headline rate from 20 per cent to 12.5 per cent, and reducing business energy bills to five per cent.

It also suggests a 100 per cent business rate relief until March 31, 2023

Matthew Sims, founder of the #BusinessSOS campaign, added: "The clock is already ticking, and businesses simply do not have the time to wait for a review. Businesses need action, and they need it now.”