Many small businesses across the United Kingdom are pulling down their shutters due to the adverse impact of soaring gas and electricity prices. Data published by the Federation of Small Businesses (FSB) indicate that 53% of firms in the UK are likely to stagnate, fold up or shrink within the next 12 months. The FSB data further says that while 39% of SMEs will not grow at all, 15% of small businesses are likely to close or downscale their operations during the next 12 months. Meanwhile, some Labour analysis has shown that almost 20,200 small firms disappeared during the first quarter of this year.
