Could a cyber attack bring down the energy grid?
On Friday October 21st, people tried to log on to Twitter. The site was down. Cyber hackers had crashed the wo...Read More
Worries over China saw the world economy tumble on 24 August, leading some to dub it ‘Black Monday’. How will this affect UK SMEs’ business gas prices?
While the world economy has been steadily growing stronger, weakness persists in the wake of the global financial crisis and ensuing downturn. The recent fall in stocks and commodity prices has sparked concerns of another disruption.
China is the source of the fall: concerns about slowing growth and the unsustainability of debt-fuelled spending in the world’s second largest economy have been building for some time. China’s impressive economic achievements have mostly been come from its prowess in manufacturing. But as factory worker wages have risen and younger Chinese expectations have increased, regional competition has begun to undermine the Chinese manufacturing miracle.
In response, China has tried to shift to a consumption model. While this has been successful to a degree, investment has still been a main pillar of the economy: massive sums have been committed to infrastructure. Recent stock market valuations of Chinese companies have caused concern of a bubble (along with, to a lesser extent, property prices).
The falls of ‘Black Monday’ appear to be a long-overdue correction in value.
While China has hastened to cut interest rates to take the pressure off, other markets in the developed world seem to be more resilient. While drawing conclusions at such an early stage is dangerous, the stock markets in Western countries have made up much of the ground lost.
The UK’s austerity programme and stress testing of banks has left it better placed to weather such shocks. As the pound’s value is likely to increase, UK goods would become more expensive to consumers elsewhere, potentially dragging down exports. Cheap business gas could be the main benefit for UK small to medium sized companies.
Commodities have dropped in price across the board. Seemingly of most importance to SMEs is the price of benchmark West Texas Intermediate crude oil, which recently dipped below $39 a barrel, down from $140 in 2008, a reduction of 72%.
While business gas prices have yet to see a decrease on the same scale, the recent flat growth in the rate business gas suppliers pay may be expected to lead to a fall. However, as coal and nuclear is shunned and gas pipeline developments stall, the current uncertainty could be the perfect opportunity to lock in cheap business gas prices.
More information on business gas is available on our dedicated page.
Competent and courteous service.
"Marie was knowledgeable and helpful. I feel able to recommend the service given without reservation. David Slesenger"This review was posted by David Slesenger on the 16th of August 2016
"Nadia was very helpful"This review was posted by Robin on the 16th of August 2016
Excellent Customer Service *****
"Jonathan Burgess is an asset to Switch My Business. He made me feel at ease and was more than helpful at all times. He made regular contact and guided me through the whole process which made switching a breeze. I just wish there were more customer service advisers like Jonathon whose friendly and happy demeanour make your day a much nicer one. Well done Switch my business and more importantly thank you Jonathon for all your hard work! Maria Owen Lodgecrest"This review was posted by Maria Owen on the 17th of August 2016
EXCELLENT CUSTOMER SERVICE
"I totally agree with a customer maria owen,Jonathan Burgess was such a pleasure dealing with and is truly a asset to the company, he made it very easy to switch my electricity companies, Jonathan Burgess was very helpful, easy to talk to it was like talking to a friend not just a customer adviser. I would definitely recommend switchmybusiness and try get hold off Jonathan Burgess if possible and have the same excellent service as I did. Rajan Shanan"This review was posted by Rajan Shanan on the 19th of August 2016
Excellent and very helpful
"Arron who dealt with my switch of energy and gas has been a huge help and extremely efficienct and easy to deal with. Despite British Gas throwing obstacles in the way at every turn he has doggedly stuck to his task and saved the day. Thanks Arron."This review was posted by Rod Pryce-Jones on the 19th of August 2016