Business energy cuts could help to offset VAT hike

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Business energy could become a priority for many firms as they attempt to deal with the planned rise in VAT.

Chancellor of the Exchequer George Osborne announced today (June 22nd) in his emergency Budget that the tax would be increased from 17.5 per cent to 20 per cent from early 2011.

This could have a significant effect on businesses across the UK, as administration costs are likely to rise, while many will have to raise prices to absorb the extra cost, potentially leading to a fall in custom.

But one area where firms may be able to make cuts is in power usage, perhaps by switching energy supplier to gain access to the cheapest gas and electricity bills.

Some may also wish to consider energy-saving techniques, such as adding insulation or sealing windows and cracks.

The emergency Budget was the first of the new coalition government that is led by Conservative David Cameron and assumed control of the country last month.

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