Companies that use business energy in Yorkshire are increasingly coming under pressure as prices rise, a new report has found.
A study by the Leeds University Business School and the Leeds, York and North Yorkshire Chamber revealed strong competition is pressuring some companies to lower or maintain the cost of their goods and services despite rising inflation and more expensive energy, the Yorkshire Post reported.
Mark Goldstone, head of corporate relations at the Chamber, commented: "Rising costs pose a significant challenge for local businesses.
"Profit margins were squeezed heavily during the recession, and inflation is further adding to this issue."
He noted that the risk of inflation is aggravated by the slow economic recovery and called on the Monetary Policy Committee to keep the base rate at its current level of 0.5 per cent until the recovery is "more secure".
In the meantime, businesses could switch energy tariffs if they think they are paying too much for utilities.
Over the last few years, our customers have saved up to £1,645 a year. Contact us today on 0800 970 26 26 to find how much you can save.
Share this story with your colleagues:-