Independent retailers are being forced to hike their prices while others are considering laying off staff as the energy crisis takes hold, according to a prominent trade association. Newly published research from the British Independent Retailers Association (BIRA) says that almost 90 per cent of its members say they will be forced into raising prices once the energy tariff jump comes into effect this autumn.
The trade body is now asking members to lobby their local MP in a bid to combat the vice-like grip being imposed on companies as a result of the energy price cap rise. Last week, regulator Ofgem confirmed bills for an average UK household would surge by 80 per cent in October when the new price cap came into force, however businesses operate without a regulated price cap.
Out-of-control gas prices following the invasion of Ukraine by Russia have contributed to rocketing energy bills for both households and employers. BIRA said that, of those members questioned for its research, 65 per cent believed they would be forced to reduce either their number of employees or drop wages while 40 per cent were considering limiting opening hours.
