Tackling the energy crisis
We recognise the renewed pressure that hospitality businesses are under when it comes to energy, in light of the developing situation in Iran and the Middle East.
Many venues are already paying bills that are significantly higher than they were three years ago and any further increases could have devastating impacts.
We’re engaging with Government to share the pressures facing the sector and urging it to prepare business support measures.
Energy markets – current situation
Oil prices have risen significantly in the wake of the ongoing conflict in the Middle East and hospitality businesses will be rightly mindful of how this could impact business energy prices.
Keep up with the current situation and our activity on our energy hub.
Engaging with Government
We have written to Ed Miliband, the Energy Secretary, and Peter Kyle, the Business Secretary, to warn of the devastating consequences for hospitality businesses if energy prices continue to rise.
The letter urges the Government to prepare business support measures for businesses, with consideration given to further business rates relief or a cut to VAT.
Calling for a CMA investigation into the energy market
We're calling for a formal investigation to address “entrenched competition problems” in the non-domestic energy market. We've written to the Competition and Markets Authority (CMA) to say that the criteria for a Market Investigation Reference (MIR) had been “undoubtedly met”, including reasonable grounds for suspecting competition is not effective and the scale of the problem.
A market investigation would be conducted by the CMA to consider whether the features of a market – the non-domestic energy market in this instance – have an adverse effect on competition and, if so, what remedies are available to address the issue.
Find out more
Energy markets – current situation
Oil prices have risen, in the wake of conflict in the Middle East, and hospitality businesses will be mindful of how this could impact energy.
