A Second Income Solution to Survive the Energy Price Hike in 2022

By Jamieson Lee Hill, Head of Copywriting and Content

With a growing concern about the 54% energy price hike in the UK and worldwide price rises, one London based business listing site is recommending an innovative solution in these economically tough times. 

54% Energy Price Rise

The increase in global gas prices has led to an energy prices increase of 54% in the UK for 22 million customers. The knock on effect of this is that many households will experience a £700 increase annually. 

“The energy price cap increase on 1 April will affect  approximately 22 million customers. Those on default tariffs paying by direct debit will see an increase of £693 from £1,277 to £1,971 per year (difference due to rounding). Prepayment customers will see an increase of £708 from £1,309 to £2,017.”

Ofgem.go.uk

Global Price Rises

In addition, inflation reached a 30 year high in January 2022 in the UK. Energy prices and inflation are increasing around the world after a fall in global consumption during the Covid lockdowns. In October 2021, the International Energy Agency stated that,

“Natural gas prices have seen the biggest increase, with European and Asian benchmark prices hitting an all-time record last week – around ten times their level a year ago. US month-ahead natural gas prices have more than tripled since October 2020 to reach their highest level since 2008. International coal prices are around five times their level a year ago.”

www.iea.org

BBC Reports

In February 2022, the BBC reported that significant numbers of people in the UK were worried about being able to afford their monthly bills. Some of those interviewed suggested that they would need to move back in with parents and others said they were ‘barely surviving’.

A Second Income Solution

Founder of Business Listing site Love My Businesses, Jey Jeyanathan, sees a potential solution in these difficult times:

Setting up a side business to generate a second income.

“With redundancy threats and a lack of job security, it is the perfect time to start your own online business. Not only will it create a second income, you can also offset some of your bills and costs against tax as a company owner.” 

Innovate Out of a Crisis

LMB Founder Jey believes that it is possible to innovate in times of crisis to generate extra sources of income through entrepreneurialism. 

“Now is the perfect time to start your first business as a side income while you work. We have created a free Knowledge Centre to help people set up their own business.”

BOILER PLATE:

Love My Businesses is an international business listing site offering online business opportunities to budding entrepreneurs around the world. Its founder’s vision, Jey Jeynathan,  is to become the biggest business listing site in the world and build a comprehensive Knowledge Centre  of free resources website to help entrepreneurs start their own companies. 

The company mission is to inspire entrepreneurs all over the world to take the plunge and start their 1st, 2nd or 3rd business, helping people escape the rat race and achieving financial freedom. Article by Jamieson Lee Hill, Head of Content and Copywriting.