Energy prices are expected to soar when the UK leaves the EU on March 29, 2019. The UK relies on energy imported from Europe – increased costs may push up energy bills for businesses across UK.
Switching to longer – fixed-term – energy rates recommended to avoid the worst of any possible post-Brexit energy price hikes.
Make It Cheaper, the business energy switching service, is urging UK business owners to switch to a better business energy deal and lock prices in for as long as possible, as energy prices could soar when the UK leaves the EU.
With less than six months to go until the UK officially leaves leave the EU, there’s still an unsettling amount of uncertainty surrounding the terms of any potential exit deal, not to mention the implications any no-deal Brexit will have for businesses and households across the country.
But regardless of whether the UK leaves with a deal or no deal, there are mounting concerns that energy prices will increase following the March 29, 2019 deadline day.
Related: What does Brexit mean for UK businesses’ energy supply?
A House of Lords committee has warned that the UK faces energy shortages and increased gas and electricity bills after Brexit, if the transition is not managed well1.
And, more recently, Energy UK, the industry’s trade association, has warned that uncertainty in the energy market, particularly around plans for a future carbon-pricing mechanism and the cross-border trade of electricity and gas are concerned, is creating risk and a cost pressure that it’s likely to increase bills for business and domestic customers2.
There is a simple and effective way to beat any potential Brexit price hikes though, and that’s switching to a better energy deal to fix your prices in for as long as possible.
Making the switch with Make It Cheaper is a quick and easy way to find best energy rates for your business, and lock them in for up to three years. Simply switching supplier could cut your annual energy bills by as much as £1,027*
Jon Elliott, CEO at Make It Cheaper, said: “Brexit is of course a hot topic for any business in the UK, and means uncertainty around all business costs. Business energy is no different. Energy UK’s report highlights some of the causes of these likely rises and only goes to strengthen the case for switching soon for longer fixed term tariffs, securing rates for your business before they become too volatile.”
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*At least 10% of businesses who switched energy supplier for both gas & electricity with us between August 2017 and August 2018 saved £1,027 or more.
