fuel prices

Fuel Duty Rise will Slow Down Recovery for Small Firms

Fuel Duty Rise will Slow Down Recovery for Small Firms

The latest 2p increase in fuel duty will hit small firms hard, and is likely to impact on economic recovery, the Federation of Small Businesses (FSB) has warned. The rise is the third increase in nine months, and brings the average price of petrol across the UK to around 105 pence a litre. Calling the fuel price increase an unwelcome overhead at “a very difficult time”, the FSB warned that it would set back business recovery for many firms. “High fuel prices cause difficulties in every part of the economy, but small businesses that are dependent on cars, those who travel to their customers, or whose business is in haulage or logistics, are hit particularly hard,” said John Wright, National Chairman Federation of Small Businesses. “Rises in fuel duty could have... »

SMEs reduce Meetings as Prices Rise

SMEs reduce Meetings as Prices Rise

Small businesses are cutting back on meeting clients face to face as high fuel prices have made business travel more expensive, according to Enterprise Rent–A–Car. The average price of petrol has risen by 12% since January, while diesel prices have increased by 17%. Their research revealed that 23% of small firms have reduced their spending as a direct result of increased fuel costs. The survey also highlighted that 26% of small firms are now travelling to see their key clients just once a month or less. Commenting on the survey findings, the Institute of Commercial Management’s (ICM) chairman, Dr Alistair Ford, said: “The rising price of fuel means that fewer people are travelling and they are more reluctant to travel longer distances. “However, this can only... »

Rising Fuel Prices Restrict Small Business Growth

Increasing fuel and energy prices are threatening small-business growth, as 80 per cent of SMEs believe that high gas, electricity and petrol prices will restrict their expansion over the next 12 months, the Federation of Small Businesses (FSB) has warned. With petrol prices rising by 5.61p per litre between mid-May and mid-June, research from the FSB revealed that 40 per cent of small businesses believe the high prices will force them to delay plans to recruit more staff. “Small businesses are reaching breaking point and if something is not done about rising fuel prices very quickly then we will have a major economic crisis on our hands,” said FSB chairman John Wright. “The UK’s 4.5 million-strong small-business community simply cannot cope with the cost of fuel ri... »