An Initial 54% Energy Price Rise

Energy prices increased by 54% in the UK for 22 million customers in April 2022. Households were facing a £700 increase annually, but the signs are that it will rise even more in 2023. 

“The energy price cap increased by 12% in October 2021, 54% in April 2022 and was due to increase by 80% in October 2022 (gas by 91%, electricity by 70%). The April increase was equivalent to £700 more across a year for ‘typical’ levels of dual fuel consumption paid by direct debit. The October cap would have been an increase of almost £1,600.”

Source: Commons Library, UK Parliament

Global Price Rises

Inflation reached a 30 year high in January 2022 in the UK and is predicted to rise to 18% and above in 2023.

“Inflation in the UK will hit 18% early next year as consumers count the cost of the deepening energy crisis, one of the world’s biggest banks has predicted.

The US financial services group Citi said it expected the consumer prices index to breach 18% in the first quarter of 2023, while the retail prices index inflation rate would soar to 21%.”

Source: Guardian, 22nd August, 2022

In tandem with this, energy prices are rising around the world after a drop in global consumption during the pandemic lockdowns. In October 2021, the International Energy Agency reported that,

“Natural gas prices have seen the biggest increase, with European and Asian benchmark prices hitting an all-time record last week – around ten times their level a year ago. US month-ahead natural gas prices have more than tripled since October 2020 to reach their highest level since 2008. International coal prices are around five times their level a year ago.”

Source: IEA.org, October 2021

BBC Reports High Numbers of Worried People

In February 2022, the BBC reported that high numbers of people in the UK were concerned about being able to pay the monthly bills. Some people needed to move back in with their parents and others claimed that they were ‘barely surviving’.

A Second Income Solution To the Inflationary Crisis

Co-Founder of Your Business Group, Jey Jeyanathan, believes that starting  a side business to generate a second income is the potential solution in these times,

“With redundancy threats and a lack of job security, it is the perfect time to start your own online business. Not only will it create a second income, you can also offset some of your bills and costs against tax as a company owner.” 

Innovation is The Way Out of Inflation

Jey believes that through business innovation and entrepreneurialism, it is possible to survive financially during this challenging period,

“Now is the perfect time to start your first business as a side income while you work. We have created a free Knowledge Centre to help people set up their own business (our sister organisation)”

He recommends some of the most popular online business models available:

• Online domestic cleaning
• Digital Marketing
• VA Agency
• E-commerce

To find out more about online businesses, go to our website: https://www.yourbusinessgroup.biz/

About The Author

Jamieson Lee Hill, Head of Content and Copywriting

Hill designed the Knowledge Base for our sister organisation Love My Businesses.com and is a feature articles writer. With a Postgraduate Diploma in Business Management (DMS) and Certified in 11 areas by DigitalMarketer, USA, Hill is well versed in Business and Marketing. As a lecturer, Hill taught English, Business English, and Enterprise for Business in the UK and managed the curriculum in FE colleges and schools. 

In addition, he was a Curriculum Design Consultant for large training organisations such as Avanta and Ixion College and well known UK brands from 2012 to 2018. Author of two pedagogical books (E Training books for Ixion College and RET International), editor for 3 novels (‘The Adventures of Tom Sharpe’ by Peter Drinkwater) and one autobiography ‘Life’s A Game’ by Mev Dinc, founding father of the Turkish video games industry, Hill is a diligent writer and editor.