13,075 businesses across Waltham Forest see £29,305,470 energy bill blackhole

New analysis from the Liberal Democrats has shown that small and medium sized businesses in Waltham Forest are facing a massive £29,305,470 energy bill blackhole following government cuts to energy bills support.

On April 1st the government changed the business energy bill support from an absolute cap on the price per unit of gas and electricity to a discount on part of the energy bill. This saw energy support cut by 85% on average, leaving thousands of businesses hung out to dry.

In Waltham Forest the 12,115 micro businesses, who employ 1-9 people will see bills increase by £24,932,670. This is around £2,058 per business. For the 880 small businesses in Waltham Forest there will be £3,739,120 less support - a staggering £4,249 per business. The hardest hit will be Waltham Forest’s 80 medium sized businesses who employ between 50-249 people. These businesses will see a £633,680 cut, about £7,921 per business.

Across the UK a staggering 3.1 million SME businesses are staring down a total bill increase of £7.6bn once the Government withdraws its energy support. Across London over 586,155 businesses are facing a massive £1,391,655,720 cut in energy support.

Liberal Democrat Tara Copeland is calling for existing business energy support to be extended for at least another six months to ensure that businesses do not have to increase their prices or close their doors.

Commenting Liberal Democrat Parliamentary Spokesperson for Leyton & Wanstead, Tara Copeland said:

“The Government is pulling the rug from underneath thousands of small and medium sized businesses in Waltham Forest.

“The Government has shown they simply don’t understand the needs of businesses. Ministers either just don’t get it or just don’t care, putting thousands of people’s jobs and livelihoods on the line.

“As thousands of businesses face an energy black hole, Liberal Democrats are demanding the government continue energy support to protect millions of businesses across the country.”