Brexit effect business energy market: How will your business fare?

When the Brexit referendum on June 23 saw the British public vote to leave the EU, the business energy market was undoubtedly going to take a hit.
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With uncertainty looming ahead of the EU vote, business energy prices began to rise following their lowest-for-14-year rates in January 2016 and disappointingly for businesses across the country, have continued to do so. And now, with winter on its way, UK energy demand is set to increase, pushing up energy prices even further.
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There are many reasons why business energy tariffs in the UK could become increasingly uncompetitive. Firstly, importation rates consume a huge chunk of the energy unit charge and so it’s little wonder that business energy suppliers will be increasing their rates as a direct consequence. Yes, the pound remains resilient but what’s to say what will happen at the turn of the year? Any weakness on the Great British currency will have a detrimental effect on the wholesale cost of energy leading to price fluctuations there, too.
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As a member of the European Union, the UK enjoyed access to additional energy storage from across the EU, providing security that should the time come where we were required to batten down the hatches and begin rationing our tinned supplies, additional energy supplies were readily available.
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However, now that we’re on the cusp of an exit, the UK must adapt to ensure its energy supply is available which means that we may have to pay a premium for importing energy from further afield.
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Being much more reactive than the domestic energy market with price changes being applied sooner, businesses will have to ensure that they remain savvy with their business energy suppliers ahead of any predicted energy increases.
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Brexit has created a wave of uncertainty among businesses in relation to trade, imports and exports and the energy market’s reaction to the EU vote in particular has left many businesses fearing the worst. Concerns over future investment in the UK energy market is unstable and this could see many businesses picking up the cost. Yours needn’t be one of them.
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By teaming up with the Great Annual Savings Group, you will be safe in the knowledge that the business energy rates your company pays are among the most competitive on the market, saving you more on more.
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If your business energy rates could do with a once over from one of our business solutions experts, here at the Great Annual Savings Group, with our unbridled access to the whole UK business energy market, we are on-hand to negotiate the very best business energy tariffs meaning your business will never pay any more than it should for the energy it uses.
Get in touch with us today to see how much your business could save.