In a survey of businesses, 69 per cent said they expected their energy costs to increase in the next three months, with almost a third anticipating rises of more than 30 per cent.
Firms are doing their best to absorb higher bills, with around a third saying they do not expect to pass on additional energy costs to consumers. But 30 per cent said that energy prices would be likely to negatively impact their current or planned investment in net zero measures.
The CBI also warned that energy-intensive industries are already feeling the pinch and further energy price rises could push many viable businesses to the brink unless urgent action is taken to support them and their supply chains.
The body called on the government to “urgently” introduce targeted interventions for the most vulnerable households, give businesses more time to pay their tax bills and freeze business rates in the next financial year.
The organisation also called for a programme to improve...