With energy prices constantly rising, businesses are “overwhelmed,” the GPMA says

With energy prices constantly rising, businesses are "overwhelmed," the GPMA says

Because “viable firms are at risk of being swamped by unsustainable price spikes and a breakdown in supply chain integrity,” the group is calling for a limit to be placed on industrial energy costs.

According to the GPMA, some printing companies have seen price increases of 600% in the past year. The organisation also expressed anticipation for future meetings with incoming government ministers on the following topics:

– A mechanism to limit the growth of industrial gas and electricity prices, as well as immediate measures to boost UK energy supply for domestic use;

Long-term plans to bring industrial energy costs back down to the EU average;

– The possibility of industry-specific aid;

– The prompt proclamation of a business rates freeze for the upcoming fiscal year of 2023/24.

“The government’s principal focus is of course aiding homes most at danger,” said GPMA Chair and British Printing Industries Federation Chief Executive Charles Jarrold and Printing Industry Confederation Chief Executive Bettine Pellant in a joint statement. However, unregulated rises in company costs inevitably lead to spiralling increases in consumer costs, which may nullify the benefits of government assistance programmes.

Without immediate government action to restrict industrial energy costs, it’s apparent that 2022 won’t be the year that graphics and print media industries can advance and rebuild back stronger. Due to the unprecedented nature of the issue, exceptional measures are required.

Jobs, consumer spending, and our industry as a whole face an insurmountable challenge that the new prime minister must immediately address. A failure to act is no longer an option.

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