The following article was released on the 12th September on the Bracknell News website, and can be originally read here.
Bracknell BID has joined forces with over 150,000 businesses across the UK as imminent collapse of the high street is likely to become a reality.
Due to spiralling energy costs a #BusinessSOS campaign has been launched to warn the government of mass closures if immediate action is not taken.
These rising costs have been said to be more detrimental than the pandemic to the UK economy.
Sean Griffin, Bracknell BID Manager said: “Our Bracknell BID businesses are very concerned about the cost-of-living crisis and the impact it will have, with many starting to see the effects already. This is why we’re passionate about backing the Business SOS Campaign.
“Like the many thousands of supporters in the drive, we’re calling for the Government to provide significant support to help businesses to survive the challenges ahead.
Businesses in the Southern and Western Business Areas in Bracknell have shown great resilience over the last few years, and there is lots of positives with local investment and improvements in Bracknell, but we strongly believe further action needs to be taken from a national level. We’re urging everyone to get involved.”
The #BusinessSOS have developed a three-point plan to support ailing businesses on the high street.
This includes reducing VAT from 20% to 12.5% and reducing business energy bills to 5% to match domestic billing, 100% business rates relief until March 2023 and a discounted kwh price on all business energy bills.
Matthew Sims, Founder of #BusinessSOS campaign and CEO of Croydon BID said: “The new Prime Minister has days to save the high street as we know it. The impending announcement on how the Government will tackle the energy crisis facing businesses will either ensure businesses can remain trading or set in motion mass closures and redundancies.
“To say the energy crisis is worse that the pandemic is not an understatement, it is the reality facing businesses today and why the clock is ticking for the new Government to provide clarity and introduce measures providing tangible and immediate relief.”
The hospitality industry has been said to take a huge hit when it comes to energy surges including pubs and restaurants that are in danger of closing.
Kate Nicholls, CEO of UKHospitality, said: “The hospitality sector is crucial to delivering the business-led growth the new Government is striving for, but we are facing an existential crisis due to soaring energy bills.
“We’re encouraged by the new Prime Minister’s commitment to tackling energy prices, but we need to see urgent, comprehensive action.
“As well as a price freeze, we need to see a cut to VAT and a business rates holiday if businesses in the sector are to have any hope of making it through the winter.”