UK's mia welcomes government introduction of energy price cap

The UK’s Meetings Industry Association (mia) has given a qualified welcome to the UK government’s announcement that businesses’ energy bills will receive a six month price cap, “The package of support will provide much-need reassurance to those operating within the business meetings and events sector, however for a limited time only,” said Kerrin MacPhie, chief executive of the mia. “With energy prices fixed for six months, operators can at least now begin to forecast costs and subsequent pricing more effectively, while also being protected from soaring and simply unsustainable cost increases,” she added. While the intervention is welcomed, MacPhie (pictured) worries about the absence of a long-term solution. “It is vital that these support packages are evaluated by government on an ongoing basis, and that government recognise sectors outside of the Standard Industrial Classification when determining sector-specific levels of support. “We know from the results of our recent survey of 129 industry organisations, which featured questions on the cost-of-living crisis, that the rising energy costs are of huge concern to the sector. “Operating within a highly competitive, price-sensitive market, many have conceded to heavily reduced profits that reflect a further setback to recovery plans, so these cost-savings will prove influential in the short-term as we continue to witness the green shoots of recovery,” she concluded.