New analysis by the Liberal Democrats reveals that almost a hundred pubs, restaurants and cafes are at risk of closure in Waltham Forest following the Chancellor’s Budget last week.
The analysis also predicts that 3,559 businesses will close across London.
The Budget confirmed that business energy support will be slashed by 85% by moving from a cap on unit costs of electricity and gas to a discount covering a small proportion of the price.
According to the Federation of Small Businesses “one in four small firms anticipate either closing, downsizing, or radically changing their business model” when business support is slashed in April.
Liberal Democrat analysis shows that small and medium sized pubs, restaurants and cafes are facing an increase in bills of £231 million - around £2,350 per business in Waltham Forest.
Liberal Democrats are calling for this energy support to be extended for at least six months longer.
Liberal Democrat Parliamentary Spokesperson for Leyton & Wanstead, Tara Copeland said:
“What good is cutting the price of beer in pubs if there are no pubs left open? The Conservative Government is failing businesses who are facing the very real possibility of closing their doors this April.
“If the Tories actually understood hospitality businesses they would extend energy support for at least another six months as Liberal Democrats have called for.”