Lack of belief in energy market costing small businesses £1.8bn

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Small business owners are missing out on a possible £1.8 billion in savings due to their reluctance to switch energy suppliers according to new research.

The study by claims that many company bosses are no longer changing the firm's energy provider as they believe there is no competition in the market.

This has led to a rise in discontent amongst firms with the research showing the number of small firms that state they believe there is no competition in the market raising to 43%, up 13% on the last quarter.

The study also showed that in the last 12 months only 41% of firms had moved to another provider, in comparison to the 61% that decided to make the switch three months ago.

Chair of, James Constant, said: 'Competition is critical - if the business energy market is not seen as competitive then customers will not see the value in seeking out the best tariff.

"This lack of engagement will have a direct impact on businesses' bottom line, particularly for the small business market where, on average, energy bills now account for almost one per cent of turnover."

The UK energy market has been under close scrutiny over the last few months as all but one of the 'Big Six' energy firms, all part of the Warm Home Discount Scheme, have bumped up their prices. However, with the publication of the Energy Bill, the Government has now made plans to try and ensure that customers are always placed on the cheapest tariff possible.

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