Rocketing energy costs fuel industry’s worries

SPIRALLING energy costs were today cited as causing the biggest headache for Britain’s industrial businesses.

According to research conducted by business advisory firm Baker Tilly, 44 per cent of industrial companies highlighted rising power bills as the factor most likely to negatively impact their business going forward. However, that figure fell to seven per cent when financial companies were quizzed.

Meanwhile, 58 per cent of respondents from the consumer goods sector and 50 per cent from technology companies placed availability of finance as their least significant concern.

Ricky Murray, head of tax at Baker Tilly in Scotland, said: “These findings are double-edged for the Chancellor; on the one hand the availability of capital indicates a sound economic environment ready to stimulate growth. But, on the other hand we are hearing that business is being strangled by increased input costs.”

Edinburgh Evening News