Cost of Doing Business Hub

Here at London Business Hub, we know that rising costs are a significant challenge for businesses across the capital. That’s why we’ve brought together practical resources and support to help you adapt and navigate the rising cost of doing business.

London Business Hub guides

London Business Hub has published a series of practical guides on the steps you can take to protect your business, avoid cash flow problems, and manage business finances:

External resources and support

Business costs

CBI has brought together a range of resources to help you tackle rising business costs. They cover four key areas:

  • Workforce costs.
  • Decarbonisation and energy costs.
  • Operational resilience.
  • Economic intelligence.

NatWest has published a series of articles with advice and support to help navigate rising costs, covering:

  • Sustainability.
  • Business costs and cash flow.
  • Help with financial difficulties.

Help with the cost of living

The Mayor of London has launched a cost of living hub. The hub includes information about the benefits, grants and discounts Londoners can get if they’re in financial difficulty, from the Mayor of London, government, your local council, charities and advice centres.

The Government has also launched a new cost of living campaign bringing together the various schemes to support households

Selce

The South East London Community Energy co-operative (Selce) is a community energy group tackling climate change and fuel poverty across south east London. It offers impartial advice services to help businesses navigate the transition to clean energy.

The Carbon Trust

The Carbon Trust energy benchmark tool helps small and medium-sized businesses assess typical energy use in their sector. It covers the hospitality, office-based, manufacturing, retail and leisure sectors.

The Carbon Trust also has a range of other online tools to help businesses reduce their energy consumption and costs:

Ofgem

Ofgem provides advice on how to get help if your business can’t afford its energy bills, as well as general energy advice.

Mayor of London

Grants of between £5,000 and £25,000 are available under the Mayor of London Warmer Homes Scheme. Recently the Mayor recorded a video about the cost of living crisis, urging Londoners to apply to the Mayor’s Warmer Homes programme. Grants are available to eligible low-income homeowners and private tenants who earn below £30,0000 to make home improvements. It is open to all Londoners who meet the eligibility criteria.

Energy Bills Support Scheme

Households will receive £400 towards their energy bills this winter, with payments made in 6 instalments from October. The discounts will be administered by energy suppliers – those who pay for their energy via standard credit, payment card and direct debit will receive an automatic deduction to their bills over the 6 month period.

Prepayment meter customers will be provided with discount vouchers from the first week of each month, issued via SMS text, email or post, using the customer’s registered contact details. These customers will need to redeem these at their usual top-up point, such as their nearest local PayPoint or Post Office branch.

Find out more about the scheme.

Smart meters

The British Chambers of Commerce has published an article with advice about how installing a smart meter can help businesses manage their energy use.  

Recovery Loan Scheme

The Recovery Loan Scheme, which originally launched in April 2021 to help businesses recovering from the pandemic, has been extended to 2024.

The Recovery Loan Scheme is currently open to small and medium-sized businesses to support them to access loans and other kinds of finance so they can recover after the pandemic and transition period.

Up to £2 million is available per business group. The actual amount offered and the terms are at the discretion of participating lenders. The government guarantees 70% of the finance to the lender. As the borrower, you are always 100% liable for the debt.

Loans are available through a network of accredited lenders, listed on the British Business Bank’s website.

Business Debtline

Business Debtline is a charity providing free and independent debt advice over the phone and online. It also provides a range of debt advice factsheets on topics such as:

  • Business rates.
  • Business debts.
  • Managing business finances.
  • Dealing with creditors.
  • Debt solutions.

The British Business Bank

The British Business Bank provides signposting to sources of advice and guidance on managing business debt, such as independent advisers, banks, HM Revenue & Customs and industry bodies.

Time to Pay

If you cannot pay your Self-Assessment tax bill in full, the Time to Pay service from HM Revenue & Customs may allow you to pay what you owe in instalments.

Related Resources