Bulletin

SMEs unknowingly locked into energy deals

A study by website SwitchMyBusiness has found that 18.4% of firms have automatically had their energy contracts rolled over, meaning thousands of businesses are being locked into new arrangements without their permission. A further 16% were unaware if they have been a victim of auto-renewal. The findings follow a Competition and Markets Authority report last month which showed energy companies make about £500million in excess profits a year from small business customers because of a lack of competition. More than 30% of small companies have been put on 'deemed' contracts, which have much higher rates than standard ones. Half of UK SMEs said they had problems understanding their energy contracts.

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander

Other Articles

Cornwall is a land steeped in legend but this salty business success story is no myth.

Santander Incubator social enterprise, Liverpool Girl Geeks, has secured £20k in Rosa funding to help them grow their programmes and…

With the second-largest economy in Latin America, Mexico should be a core focus for UK exporters looking at the region

Santander Incubator social enterprise, Liverpool Girl Geeks, has secured £20k in Rosa funding to help them grow their programmes and…

Travelstar European Ltd, one of the West Midlands’ leading coach hire companies, has moved to larger premises in Portland Street, Walsall,…

The UK’s aerospace industry is the focus of our second quarterly bulletin in partnership with EEF, the manufacturer’s organisation. We take…

Where Next?