won t have a huge impact. the idea of growth in the longer term. i need something right now or else i m going to go bust. you re absolutely right, which is why what we ve been saying is, you ve got to go further. in the pandemic, if you remember, iyou had business rates holidays. i you were able to delay your vat payments, you were able - to delay your tax payments to just help your cash flow. we had vat reduced at one stage to 5% for hospitality, then it went up to 12.5%. those are the things we still need. the government needs to do those sort of things. - business rates relief, - reducing vat temporarily to help the hospitalityl industry, for example. fuel. 0ur fuel duties are - the highest in the world. they can t keep cutting taxes because they have to pay for it, and we haven t got a clue yet how they re going to pay for most of this stuff, right? apart from we re assuming borrowing, which then might have an impact on markets and the economy in the longer term. this is
payments for consumers but there are other structural reforms that the government could be considering which are for example changing the way the electricity market works to reflect the average price that electricity is generated at, not to be peak price which is what feeds into people s bills because at the moment if you need power generation and then you have to pay for the maximum price for that, and that is how the market generates enough power to bill demand. so, the market generates enough powerto bill demand. so, i think there is a more structural changes, for example, to the energy market that the government could think about at the moment. [30 that the government could think about at the moment. about at the moment. do you think we re about at the moment. do you think we re going about at the moment. do you think we re going to - about at the moment. do you think we re going to see - about at the moment. do you | think we re going to see more supplies go bust in the meant
go bust and that will be good for you. go bust and that will be good for ou. ~ ., go bust and that will be good for ou. ~ ~ , ., go bust and that will be good for ou. ~ ~ i. ., go bust and that will be good for ou. ~ ~ ., ., for you. we think if you are an ener: for you. we think if you are an energy retailer for you. we think if you are an energy retailer in for you. we think if you are an energy retailer in the - for you. we think if you are an energy retailer in the uk - for you. we think if you are an energy retailer in the uk it - for you. we think if you are an energy retailer in the uk it is i energy retailer in the uk it is very important that you have the financial resources to deliver on the commitments that you make to your customers. and if you don t, then we will see more supplierfailures if you don t, then we will see more supplier failures then we saw in 2021. more supplier failures then we saw in 2021- saw in 2021. how long this last? people saw in 2021. how long
for the last few days. business owners and managers have been pulling their hair out, being really stressed about what is going on. i think it barely touches the sites of many businesses in london. even retail businesses, rely on this christmas being their golden quarter, which makes up for a bad year. almost a quarter of their revenue comes in this period. £6,000 per premises won t even touch the sides. we need the government to confirm they will be given full business rates relief, 100%. we need the government to confirm there will be furloughed support, because many businesses cannot pay for their staffs wages. we need confirmation from the government that it will be a proper scheme to support there is self isolating, a continuation of the vat discount. these businesses, if they collapse and go bust, its tens of thousands ofjobs being lost. it is far cheaper to invest now, keep these businesses going, rather than going bust.
then see more and more - ban is lifted in march so we could i then see more and more companies fiiing then see more and more companies fiiing for then see more and more companies filing for insolvency then see more and more companies filing for insolvency because - then see more and more companies filing for insolvency because many l filing for insolvency because many small filing for insolvency because many small businesses, filing for insolvency because many small businesses, and filing for insolvency because many small businesses, and larger- small businesses, and larger businesses small businesses, and larger businesses even, small businesses, and larger businesses even, now- small businesses, and larger businesses even, now owe . small businesses, and larger- businesses even, now owe debts to their landlords, businesses even, now owe debts to their landlords, to businesses even, now owe debts to their landlords, to hmrc, - businesses even, now owe debts to their la