The Cost of living crisis and the cost of doing business

Multiple challenges and uncertainty currently face businesses in Waltham Forest and the UK, including: The cost-of-living crisis, rising energy bills, the impact of the COVID 19 pandemic and Brexit related problems affecting imports and exports.

Some of these issues include:

Cost of living:

• Inflation and rising interest rates
• Reduced consumer confidence and footfall
• Existing debt due to the Covid 19 pandemic
• Rising cost of employment space
• Threat of recession hampering investment
• National insurance contribution increase

Energy and fuel costs:

• Soaring energy and fuel prices
• Responding to Climate Emergency
• Expansion of the ULEZ area
• Electrification of vehicles
• Decarbonisation of buildings

Logistics and supply chain

• Material delays and shortages
• Increasing cost and time pressures
• Supply chains failing

We have put together some helpful resources that may be able to help business during this difficult time. 

Renting a property can be an expensive and complex part of running a business. That’s why the London Business Hub has launched a new service to help you find the right space and fully understand the costs associated with renting a property. We’ll also be here for you if you’re renegotiating a lease with your landlord.

Property Advice Service from London Business Hub

Visit comparison sites to see if there are any energy deals or how you can secure the best price with your existing provider.

Central Government  

On the 8 September 2022, the Government announced that businesses will have their energy costs capped for six months at the same price per unit as households.

After 3 months the cap will be reviewed and could be extended for certain industries, such as hospitality and vulnerable businesses.  A typical household will save an average of £1,000 a year on their energy bills, under a new two-year Energy Price Guarantee. Businesses and public sector organisations will see equivalent support over the winter and new plans will tackle the root causes of problems in the energy market by boosting domestic energy supply. The Government will provide energy suppliers with the difference between this new lower price and what energy retailers would charge their customers were this not in place.

Read the press release to find out more information on energy price caps. 

A factsheet is also available.

We will update this information as soon as more detail is available.   

Energy Bills Discount Scheme 

The government has announced the new Energy Bills Discount Scheme for UK businesses, charities, and the public sector, starting from April:

• The scheme will provide a discount on high energy costs to give businesses certainty while limiting taxpayers’ exposure to volatile energy markets
• Businesses in sectors with particularly high levels of energy use and trade intensity will receive a higher level of support.

Find out more about the Energy Bills Discount Scheme

ONS Cost of living insights tool

We’ve recently launched a brand-new tool allowing you to explore the latest data and trends about the cost of living. Search for the rising cost of everyday items and how this is affecting people. The cost of living insights interactive tool brings together a range of data and analysis to show the latest trends by different topics, including spending, work, energy, work, society, businesses and housing.

Explore the cost of living insights tool

Ofgem

Ofgem can help you find small business energy grants, schemes and advice to lower your carbon emissions and be more efficient with your commercial energy use, saving you money and becoming more environmentally friendly.  

Find business energy efficiency grants and schemes through Ofgem

Better Futures

Better Futures plus are running a series of in-person and hybrid workshops in Autumn that may be of interest to your business connections, members and wider networks.

The workshops focus on supporting SMEs towards net-zero and include a session on Energy Crisis Management.

Find our more information on Better Futures workshops.

Money Advice Trust

Money Advice Trust offers free SMEs debt advice, tax, business rates, budgeting, creditors court action support. 

Find out more information on Money Advice Trusts offer.

Step Change 

Step Changes debt experts help hundreds of thousands of people a year deal with debt problems. Over 30 year’s experience, they provide the advice and support needed to achieve long term financial control. They offer free, flexible debt advice  based on a comprehensive assessment of your situation and provide practical help and support for however long it’s needed.

Find more information on Step Change Debt Charity: Free Expert Debt Advice

Central Government 

The Recovery Loan Scheme (RLS) has been extended to June 2024. This scheme helps businesses access finance so that they can manage their cashflow, invest and grow.

Find out more information on GOV.UKs recovery Loan Scheme.

Trust for London 

Trust for London supplies grants for eligible SMEs.

Their next main grant programme deadline for applications is 1pm on 4 October 2022. Decisions will be made in early 2023.

Apply for a grant through Trust For London

Mind

Mind provides advice and support to anyone experiencing a mental health problem.

London Business Hub: Cost of doing business 

Find support for businesses facing challenges with the cost of living crisis. Practical resources and support to help you adapt and navigate the rising cost of doing business through London Business Hub.

Federation of Small Businesses (FSB) Finance Hub 

FSB can support with financial planning to funding applications. And provide access to expert sources and guides to help you manage your small business finances.

Find out more information on the Federation of Small Businesses (FSB) Finance Hub offer.

Citizen’s Advice 

Citizen’s Advice provide free, confidential, impartial advice and campaign on big issues affecting people's lives.

• Citizens Advice Waltham Forest 
• 220 Hoe Street, London E17  3AY
• 0300 330 1175

ReLondon 

ReLondon is a partnership of the Mayor of London and London’s boroughs to improve waste and resource management in the capital and accelerate our transition to a low carbon circular city.

Find out more information on ReLondon's offer.

Enterprise Nation 

Whether you’re launching a new business or developing an existing one, Enterprise Nation connects you to the resources and expertise to help you succeed.

Find out more information on how Enterprise Nation can help.

Green Finance Institute 

The Green Finance Institute focuses on the systemic transitions that need to be financed within the real economy, such as the energy efficient retrofitting of buildings.

Find out more information on the The Green Finance Institutes offer.

Lloyds Bank clean growth financing initiative

Lloyds Bank clean growth financing initiative provides access to discount lending for green purposes.