Businesses suffering from energy price increases

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Small and medium-sized businesses in the UK are suffering from the financial pressure of rising energy costs, it has been claimed.

According to the Financial Mail, up to one million small businesses could see their energy bills double this year despite the falling cost of wholesale gas and electric as contracts taken out two years ago expire.

Commenting on the situation, Michael Ilsen of Nottinghamshire-based manufacturing firm Strata told This is Money when his businesses current electricity deal came up for renewal at the end of last year, quotes for a new tariff were almost double.

Despite approaching three different brokers the best deal on offer to Mr Ilsen was an annual bill of £810,000, an increase of £390,000.

He told the news provider: "I did everything we were supposed to do. I gave notice and then shopped around, but the annual bill is still going up nearly 100 per cent."

Meanwhile, Ofgem has called for the introduction of social tariffs to reduce the burden on those in fuel poverty.

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