07 Dec 2022
The government's Energy Bill Relief Scheme (EBRS) has helped to remove 'serious risk' for a quarter of UK businesses, the Institute of Directors (IoD) has found.
Data published by the IoD revealed that 24% of small business leaders feel that the EBRS has 'removed a serious risk to their business'.
5% of leaders polled stated that their business would've stopped trading if it were not for the energy price cap this winter. An additional 11% of firms have been able to keep their premises open longer because of the EBRS.
35% of businesses believe that having the EBRS this winter has made it easier for them to plan.
Commenting on the matter, Alex Hall-Chen, Senior Policy Adviser at the IoD, said: 'We know that the cost of energy has been a significant concern for business. However, our data shows that the government's EBRS has been a crucial intervention, removing a serious risk to around a quarter of businesses. This suggests that the government was right to introduce the scheme in order to provide sufficient time to identify the characteristics of those businesses.
'We therefore urge the government to continue the EBRS for sectors of the economy particularly vulnerable to current fluctuations in international energy markets.'