UK firms expect that the financial pressure they are currently feeling due to the energy crisis will get higher in 2023.

A Confederation of British Industry survey of nearly 700 businesses shows that companies predict that energy costs will soar by 151% if government support were no longer available from April 2023.

The CBI has urged the government to extend the Energy Bill Relief Scheme for significant energy users beyond the end of March 2023 and provide additional cashflow support for vulnerable businesses, especially SMEs.

Matthew Fell, CBI Chief Policy Director, said: “The high cost of energy is dominating the decisions that businesses are making each and every day.

“There are no easy answers in all this, but the government will have to keep supporting the most vulnerable firms to help them stay competitive, to build resilience and in some cases to avoid collapse. On average, firms expect their bills to more than double next April.”