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London named cheapest place to launch and run business in the UK when it comes to energy - London TV

London named cheapest place to launch and run business in the UK when it comes to energy

by London-TV in Business
The city pays just 15p/kWh for electricity and, despite being the wealthiest region of the UK, 11 per cent less than Wales, the most expensive area.
The findings come from switching expert Love Energy Savings which has delved into its own price Index data to discover how British businesses are performing in 2019 in terms of energy usage. These findings could reflect how business owners try to save money on their energy by searching on business energy comparison sites for the best energy provider for local businesses as well as tips for making their business more energy efficient. You can click here to learn more.
One of the most striking discoveries was the higher energy prices in Wales compared to other regions.
The average energy cost in the country was 16.7 pence per kWh (kilowatt hour), considerably higher than the 15p/kWh enjoyed by businesses in London.
The second most expensive region was South West England (16.5p/kWh), followed by Scotland (16.4p/kWh) and North West England (16.1p/kWh).
Despite these figures, Love Energy Savings experts found that Wales was the top regions for starting a new business.
It saw a 17 per cent rise in new ventures in 2016 and 2017, while North West England – which incorporates tech and media hotspot Manchester – was third with a 14 per cent boost.
Second was Northern Ireland, which enjoyed a 16 per cent swell in new businesses over the same two-year period.
London found itself in a mid-table position for business births, with change of 42 per cent between 2012 and 2017.
Phil Foster, CEO of Love Energy Savings, said: “Start-up and operating costs are key considerations for both new and existing businesses – and energy bills form a huge part of that equation.
“While this research shows that business birth rates have gone up in regions where energy costs are higher than elsewhere, it still seems harsh on those areas that they have to pay more for their power.
“Cutting these costs is something we are passionate about – giving our customers the best deals to make sure their ventures thrive and flourish.” One way to ensure that costs are lowered is to keep track of all expenses that occur as part of a company, whether it’s a start-up or not. This can be performed by using software to Track and control company spend and expenses.
The Love Energy Savings Price Index placed North East England, the Yorkshire and Humber region and the West Midlands in mid-table on 16p/kWh.
While the cost of energy isn’t the highest, businesses in the North East often struggle setting up their business a lot more than those down South. This is because this area often gets “left behind” through the lack of government investments. However, there are growing efforts surrounding Levelling up the North East which will allow both businesses and residents live a better quality of life. Hopefully, this will lead to lower energy costs as well as more thriving businesses.
East Midlands (15.9p/kWh) was down slightly on that figure while Eastern England – Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk – came in joint second cheapest at 15.7p/kWh.
The research was carried out by Love Energy Savings to discover the health of British businesses in testing times brought about by Brexit and further upheaval in Westminster.
It also discovered North West England had the highest number of new business launched between 2016 and 2018.
But across the UK fewer new businesses are being funded – the number down from 413,900 in 2016 to 381,885 in 2017. This could be because investors are worried that the new business will not be run efficiently. There is much a new business owner needs to learn before they can effectively run their company, from Supply Chain Management to accountancy. Failure to do this may mean that a business will fail which is why investment may be down.
The study ranked transport and logistics, FinTech (financial technology) and construction as the fastest growing business sectors in the UK.