Businesses ‘will start shutting down’ warns Komolafe

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The former Fortune 100 executive who now runs a financial educational channel claimed that the Government needed to do more to help businesses in the UK. Mr Komolafe discussed seeing a business post an estimate of what it will cost them for energy this winter. The London-based financial adviser explained the knock-on effect it will have on people if businesses suffer, as it will cause job losses in the UK. The ongoing cost of living crisis has been predicted to affect businesses worse than the pandemic did in 2020.

Mr Komolafe told Express.co.uk exclusively: “And we’re seeing this quite a bit now, businesses shutting down.

“There was a tweet earlier on where a business actually shared a picture of the lowest offer the energy provider could give them on their fuel bill.

“And it was £61,000, I mean we need to verify that but businesses are going to suffer.

“And when businesses suffer it leads to job losses, we’re talking about the economy potentially going into a recession.

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Mr Komolafe added: “This is a very slippery slope, everything is interconnected.

“You have businesses shutting down, people losing jobs and that further then reduces our productivity as a country, as an economy.

“That has an impact on the possibility of a recession, so the impact is far-reaching and that is why we need a tangible plan from the Government.

“Not just for individuals, but how are they going to help businesses that are struggling as well.”

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The ongoing cost of living crisis has been causing anxiety and worry for some members of the British public, as they cannot afford the predicted increases in energy, fuel and food.

New Prime Minister Liz Truss has claimed that she wants to cut business taxes but many feel this is not enough.

James Skinner, owner of the Rose and Crown in Bebington, Wirral, is one business owner calling on the British Government to help.

Mr Skinner said: “In real terms, it means we have gone from paying around £9000 a year for electricity to over £25000.

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“It’s worth bearing in mind that this is just electricity. This does not include gas for hot water or keeping the building warm.”

Mr Skinner added: “Pubs are vital community assets. This was proven during COVID. They are places for people to socialise, but more importantly this year, they will actually places for people to go and stay warm.

“Small businesses need support and they need it immediately. Some of the COVID support will need to return, in the form of Business Rates relief, VAT reductions across the board, not just on food, soft drinks and accommodation but on alcoholic drinks as well, and it will need to be cut to at the very most 10% to give operators the breathing room to keep the lights on and the doors open.”

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