Racing businesses across the UK have been expecting to get more details regarding the assistance they are set to receive from the country’s Government as a measure aimed at helping them to reduce the negative financial effect of constantly rising energy bills.
According to reports, racecourse owners have been preparing themselves for a rough period, especially in the winter, because of the increase in energy prices.
In August, the Betting and Gaming Council (BGC) – the trade body representing the British gambling industry – shared that the sector needed urgent action in order to protect the hospitality and leisure sector in the UK from suffering the “catastrophic” effects of the soaring energy prices, warning the authorities that betting shops across the country were already being hit hard by constantly increasing bills.
On September 8th, the new Prime Minister of the UK, Liz Truss, informed the House of Commons that as of October 1st, 2022, there will be a new energy price guarantee under which typical British households will pay up to an average of £2,500 on their energy bill on an annual basis for the next two years. According to Ms Truss, the measure would save households no less than £1,000 a year, based on current energy prices.
Licenced Businesses in the UK Will Be Able to Take Advantage of Energy Price Limits
The UK Government already announced that licensed businesses had not taken advantage of the imposed limits on energy prices and were not always able to benefit from so-called fixed energy deals.
According to the Government’s statement, local businesses and other non-domestic users of energy would be granted equivalent support to the one provided for regular domestic consumers under a new 6-month scheme. This scheme is aimed at protecting them from the constantly increasing energy costs and providing them with the stability needed to plan their business strategies.
As revealed by the Government, an ongoing, focused support for the most vulnerable industries in the country would be provided following the ending of the aforementioned 6-month period. Whether the country’s gambling industry would be included in this list remains unknown.
In its turn, the Federation of Small Businesses has revealed that small companies in the UK would be reassured by the announcement but, for the time being, there were no more details on the matter.
In August, the Jockey Club, which currently operates 15 racecourses and a few other venues across the country, said that its fixed-price energy deal would end soon. At the time, it had predicted a £2.5-million rise in costs in 2023.
UK Businesses Closures Following the Queen’s Death Could Speed Recession Up
Britain is currently mourning the death of its longest-serving monarch, while the country’s economy is put on the brink of a recession.
A large number of British businesses have reduced or fully shut their operations out of respect, in response to the death of Queen Elizabeth II on September 8th. In the sports world, all games of the English Premier League (EPL) were postponed for the weekend, in addition to the many horse racing and golf events, which schedule has also been adjusted.
Unfortunately, the measures could make things even harder for the country’s economy, which has not been exactly in a position to take days off considering the recession that is expected to start at the end of 2022. Of course, a few days of business closures will not bring recession to the country, but it will not improve the situation, either.
- Author
Daniel Williams
