Energy costs are worrying more UK businesses than at any point since the Office for National Statistics started asking about them in March 2026.
In its latest Business Insights and Conditions Survey, published on 8 October, the ONS found that 72% of businesses had some degree of concern about energy prices in late September. Fuel was close behind at 73%.
If you run a business, that probably won’t surprise you. What matters is what you do about it, because rising energy costs feed straight into your margins, your prices and your cashflow.
Here is what the figures show, what they could mean for your business and what else made our November News Round Up.
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1. 72% of Businesses Are Concerned About Energy Costs
The headline figure comes from the ONS fortnightly survey of UK businesses.
In late September, 72% of businesses reported some degree of concern about energy prices. That is the highest proportion since the question was first asked in March 2026.
It is worth keeping that in context. The ONS has only been tracking this question for a few months, so this is a high for the survey rather than a long term record.
Even so, nearly three quarters of businesses saying energy costs are on their radar is a significant number.
You can read the full ONS business insights bulletin on the ONS website.
2. Hospitality Is Feeling Energy Costs the Most
Concern was highest in accommodation and food services, where 91% of businesses expressed some worry.
That makes sense when you look at how those businesses operate. Kitchens, refrigeration, heating and laundry all use energy, often for long hours, and margins can be tight.
If you work in hospitality, even a modest rise in energy costs can quickly eat into the profit on every meal served or room sold.
Other sectors are not immune. Any business with premises, machinery or stock that needs to be kept warm or cool should be watching this closely.
3. Fuel Is Adding to the Pressure
Energy costs are not the only concern.
The survey found 73% of businesses reported some degree of concern about increases in fuel prices, the highest proportion since that question was introduced in May 2026.
Transportation and storage businesses were the most anxious, with 60% saying they were very concerned.
For anyone running vans, delivering goods or travelling to customers, fuel is hard to avoid. It is also easy to lose track of when it is spread across fuel cards, receipts and expense claims.
4. Energy Costs Are Landing Alongside Supply Chain Worries
Most businesses are carrying on regardless, with 95% trading fully or partially in late September.
But other pressures are building at the same time.
In September, 48% of businesses with 10 or more employees reported concern about at least one factor affecting their supply chains over the next year. The most common worries were international conflict (32%) and shipping disruption (21%).
When energy costs, fuel and supplier prices all move together, the combined effect can be much harder to absorb than any one of them alone.
5. Treat Energy Costs as Something to Plan For
Rising energy costs are a reminder to review pricing, budgets and cashflow forecasts regularly, rather than treating volatility as a temporary blip.
That could mean reviewing:
- What you currently spend on energy and fuel each month
- When your energy contract ends and what it is likely to renew at
- Whether your prices still cover your costs and leave a proper margin
- How a further increase would affect your cashflow forecast
- Which products or services are least profitable once energy costs are included
You do not need a perfect forecast. Even a simple model showing what happens if your energy costs rise by 10% or 20% can tell you how much room you really have.
A Note on the Energy Costs Figures
The ONS describes these figures as official statistics in development and advises caution when using the data.
They also measure how many businesses are concerned, not how much bills have actually risen.
Your own invoices will always be a better guide to what energy costs are doing to your business.
What Else Is in the November 2026 News Round Up?
Energy costs are just one of the developments covered this month.
NS&I has increased rates across its 1, 2, 3 and 5 year British Savings Bonds. From 6 October, the 5 year Guaranteed Growth Bond pays 5.17% gross/AER, up from 4.85%, while the 1 year option rose from 4.82% to 4.99%. The 2 and 3 year Growth options now also pay more than 5%. The minimum investment is £500, the maximum is £1 million per person per Issue and money cannot be withdrawn early. It is worth comparing rates elsewhere first, as some providers still pay more, and remembering that the interest can count towards your taxable income. Full details are in NS&I’s announcement.
HM Treasury has appointed Barclays, HSBC, Lloyds, Morgan Stanley, NatWest and RBC Capital Markets as joint lead managers for the UK’s first digitally native government bond, known as DIGIT. The pilot is due by early 2027 and is aimed at institutional investors rather than everyday borrowing or banking, but it shows how quickly digital finance is developing. You can read more on GOV.UK.
The UK population reached an estimated 69.5 million in the year to mid-2025, growing by 227,700 (0.3%). Net international migration fell to 222,900 from 651,700 the year before, births fell to 652,400 and the median age rose to 40.9. For employers, that may make recruitment harder in sectors that have relied on migrant labour. The figures are in the ONS population estimates.
Get a Clear View of Your Energy Costs
Nobody can say with certainty where energy prices will go next.
What you can do is understand exactly how energy costs affect your business and make decisions based on real numbers rather than gut feeling.
That might mean adjusting your prices, changing your budget or simply building a bigger buffer into your cashflow.
If you would like help working out what rising costs mean for your business, talk to us.
Download the Full Report
Want the complete picture for November?
Download our full November 2026 News Round Up for more on energy costs, NS&I savings bonds, digital gilts and the UK’s changing population.
FAQs
How many UK businesses are concerned about energy costs?
The ONS found that 72% of businesses reported some degree of concern about energy prices in late September 2026, the highest proportion since the question was first asked in March 2026.
Which businesses are most concerned about energy costs?
Concern was highest in accommodation and food services, at 91%. For fuel prices, transportation and storage businesses had the highest proportion saying they were very concerned, at 60%.
How can my business prepare for higher energy costs?
Review what you currently spend, check when your energy contract ends, make sure your prices still leave a proper margin and update your cashflow forecast to show the effect of further increases.
What are the new NS&I British Savings Bond rates?
From 6 October 2026, the Guaranteed Growth Bond options pay 4.99% for 1 year, 5.07% for 2 years, 5.10% for 3 years and 5.17% for 5 years, all gross/AER.
Will the digital gilt affect everyday banking?
Not directly. The DIGIT pilot is aimed at institutional investors and runs separately from the government’s main debt management programme.
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November News Round Up 2026
