More than half of small UK firms passing on fuel costs

The ongoing fuel crisis has hit the headlines as well as people’s pockets, as price hikes, panic buying, strikes, and petrol shortages have become widespread across the UK. And the latest research for Bibby Financial Services by Continental Research has revealed that more than half (52 per cent) of small businesses are already passing on to their customers increased costs incurred by the fuel crisis in June 2008.

Of the businesses surveyed, 79 per cent of owners and managers said they were feeling the effect of rising fuel costs on their business, with just over a third (35 per cent) looking for ways to diversify and grow their business in order to cope with higher prices. While a quarter (26 per cent) are already championing cost reductions by cutting how much time they spend on the road, one in five are under pressure from employees to increase fuel allowances (19%).

A North/South divide is also evident with a massive 83 per cent of owners/managers in the North of England citing the rising fuel costs as the key transport issue affecting their business, 10 per cent more than business in the South (73%).

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