‘SOARING prices for electricity and gas have become the top concern for many businesses.’

This is the message from David Austin, director of Austins in Newton Abbot.

Mr Austin adds: ‘Unlike the domestic market, which is already causing such great worry for many families and individuals, there is no price cap on the commercial market and therefore no ceiling on the price of electricity and gas for businesses.

‘Many businesses renew their energy contracts in October, and this year the extreme volatility in the energy market has resulted in unprecedented cost increases which businesses will be forced to either absorb, or pass on in price increases if they can, or at worst close on either a temporary or even a permanent basis.

‘Most businesses have done their best to control energy costs - as for example we have through installation of solar panels and conversion of all lighting to LED – but are still likely to be hit by very substantial cost increases if they are renewing energy contracts at this time.

‘The scale of the energy crisis is such that only government intervention can buffer both the domestic and commercial market against these extraordinary cost increases, until such time when the price of energy hopefully settles down again.

‘This is the opportunity which the new government must grasp urgently and decisively to both ease financial worries for domestic consumers, and to help businesses as employers and as a key part of our community to remain viable – so much now depends on the government taking the right action.’