Scottish Businesses Crippled By Soaring Energy Costs

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Scottish businesses are feeling the squeeze from rising energy costs, with nearly nine in ten (88%) saying it has impacted them – and 62% reporting a significant impact.

New research conducted by Diffley Partnership and Stratcom UK commissioned by Octopus Energy reveals the stark reality for businesses across Scotland.

Higher energy prices are affecting jobs, investment and customer prices, with two thirds (66%) of businesses saying it has influenced hiring decisions and more than three quarters (77%) saying it has contributed to price hikes for customers.

While pessimistic about the current situation, businesses are positive regarding the way forward.

The research shows overwhelming support for a shift to zonal pricing – a system where energy costs reflect the amount of energy produced in a region.

Two thirds (64%) support energy pricing reform over just 14% opposition. The highest levels of support came from manufacturing and IT sectors, which could stand to benefit the most from zonal pricing.

With masses of wind farms in Scotland, such a move would give Scottish businesses and households some of the lowest prices in Europe.

If energy prices were to drop significantly, businesses report they would increase staffing levels (64%), invest more in their business (74%) and even bring benefits outside of industry by lowering prices for customers (70%).

This research comes off the back of a landmark report by FTI Consulting commissioned by Octopus Energy, which found that introducing zonal pricing across the UK could save households and businesses £55 billion on energy bills over the coming decades.

Greg Jackson, Founder of Octopus Energy Group, said: “Under our current system hard-up Scottish households and businesses are exposed to some of the highest energy prices in Europe, while wind farm owners are paid nearly £2 billion annually to turn off cheap green energy in Scotland that could be helping out local consumers."

“This research shows the status quo is indefensible given its impact on jobs and investment. It’s hurting households and businesses and has got to change if we want to grow."

“Under zonal pricing, the whole country would save £55bn on bills, prices in Scotland would be amongst the cheapest in Europe and Scottish businesses would thrive.”

"A Scottish business owner who responded to the survey said “[high energy prices] have affected pay increases and the number of new positions we hire.”

Another added: "Scottish businesses must benefit directly from renewable energy generated onshore and offshore in Scotland."

As the UK looks for ways to tackle high energy costs, Scottish businesses are making it clear: a fairer, greener system that rewards renewables could be the key.

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Loughborough Fair will welcome thousands of residents and visitors to the town centre as it returns for its 802nd year. The historic fair, which is operated by Charnwood Borough Council will take place from Wednesday November 8 to Saturday November 11.

The fair will be officially opened by the Mayor of Charnwood, Councillor Margaret Smidowicz at 6pm on Wednesday before the fun-filled four days begin.

Councillor Jennifer Tillotson, the Council’s lead member for economic development, regeneration and town centres, said:

“I am looking forward to welcoming residents, visitors and the showman back to Loughborough for the annual fair. It is always a fantastic spectacle to see so many families enjoying the rides and attractions throughout the week.”

The layout to this year’s Loughborough Fair will be altered slightly due to the scaffolding outside HSBC following a fire in the town centre but this will not affect the number or types of rides that will be on offer to visitors.

The Council will work closely with partners including the police and will have stewards on patrol during the fair to make sure everyone enjoys the event safely.

This year’s Loughborough Fair will see a number of rides and attractions returning to the town, including:

Dodgems

Superbob
Bomber
Megaspin
Matterhorn
Atmos Fear
Miami
Starflyer

There will be rides that are suitable for every age group with attractions available for toddlers all the way through to adults.

A number of food, drink and confectionary stalls will be on offer along with games and quiz stalls which will give visitors the chance to win prizes.

The opening times for this year’s Loughborough Fair are:

Wednesday, November 8: 6pm-11pm
Thursday, November 9: 12pm-11pm
Friday, November 10: 11am-11pm
Saturday, November 11: 11am-11pm.

The Beehive Lane multi-storey car park and Southfield Road car parks are available during the hours of the fair. Southfield offices car park will also be open to the public outside of the Council’s opening times.

The first official charter for Loughborough Fair was granted to the Lord of the Manor, Hugh le Despenser, in 1221 by King Henry III.

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Scottish Businesses Crippled By Soaring Energy Costs

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