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Cost of Living – Support for Businesses

With the cost of living crisis and the war in Ukraine contributing to an uncertain economic outlook, it has led to a number of issues including rising energy costs, inflation and supply-chain disruption among others. This page has been created to provide useful information listed below for our Redcar & Cleveland business community as we look to work through the current challenges.

Energy Bill Support
Energy Bill Relief Scheme – 1 October 2022 – 31 March 2023

The government have now announced details on the Energy Bill Relief Scheme to support businesses and non-domestic energy users in Great Britain. Discounts will be automatically applied to energy usage initially between 1 October 2022 and 31 March 2023. The scheme was put in place for six months, and the government has committed to a review of future support beyond 31 March 2023.

Energy Bills Discount Scheme – April 2023 – April 2024

Support post 31 March 2023 has been announced by the government with the introduction of a new Energy Bill Discount Scheme (EDBS) which will take place from April 2023 to April 2024 for eligible non-domestic consumers in Great Britain and Northern Ireland. 

Business Rates

The government’s Autumn Statement sets out a package of targeted support to help with business rates costs worth £13.6 billion over the next 5 years. Key decisions include:

  • multipliers will be frozen from 2023-24
  • a transitional relief scheme will cap bill increases caused by changes in rateable values at the 2023 revaluation:
    • bill increases for smallest properties capped at 5% for 2023
    • bill increases for medium-sized properties capped at 15% for 2023
    • bill increases for larger properties capped at 30% for 2023
  • retail, hospitality and leisure business rates relief will be increased from 50% to 75%, up to an overall cap of £110,000 for each business premises.
  • businesses who lose their eligibility for Small Business Rates Relief or Rural Rates Relief due to an increase in their property’s rateable value following the rating revaluation in 2023 will have their bills capped at £600 per year for the duration of the revaluation.
    • transitional surcharges for businesses that have had rate decreases will not be applied meaning businesses will benefit immediately from reductions.

If you occupy commercial premises within Redcar & Cleveland and have a query relating to your business rates, you can contact Redcar & Cleveland Borough Council’s Business Rates team via businessrates@redcar-cleveland.gov.uk

Building Business Resilience

Being able to strengthen your business’s resilience is crucial to get through these tempestuous times. The Business Engagement team can help you access the support already in place, whether that is accessing new markets, digitising elements of your business or assessing funding options suitable for your business. We also have a range of business masterclasses available in our resource library covering a range of topics, including securing funding, identifying and maximising digital opportunities and more. The British Business Bank have also produced a guide to build business resilience. This contains impartial, practical, and actionable information and support to help smaller businesses manage their costs, boost their long-term profitability, and increase their resilience.

Our team of experienced advisors are happy to have a conversation and meet with you to discuss the needs of your business and the support available. You can contact us on:

T: 01642 444366
E: business@redcar-cleveland.gov.uk

Insolvency Support

The Tees Valley Combined Authority have compiled a list of useful guides and resources for SME’s in relation to business insolvency. Please find them listed below:

If you are concerned about insolvency, specialist support is available to help you understand what it means and the options available to you. Get professional support from your accountancy firm and professional business services. 

Our team of experienced advisors are also available to have a conversation with you about the difficulties your business may be currently facing. You can contact us on:

T: 01642 444366
E: business@redcar-cleveland.gov.uk

More information is available through the government’s Insolvency Service.

Business Events

Feb

29

February NEAA Members Network at ElringKlinger GB (Members only)

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Mar

14

FSB Bootcamp

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Apr

16

Leading the Charge: An Electric Vehicle Showcase

Read more

Board Information

Privacy Policy

This website is a part of a place marketing project by Redcar & Cleveland Borough Council and is managed by staff from its Business Engagement team, Visitor Destination and Engagement team, and Place Marketing team.

Your personal information will be held if you choose to complete and submit one of the information request forms on the website. Your personal information will be held in accordance with Redcar & Cleveland Borough Council’s corporate privacy notice here, and the Business Engagement Team service specific privacy notice here, depending on which team you place your enquiry with.

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