On Monday, Sky News reported that a new study by website builder GoDaddy has found that roughly 600,000 small and micro businesses in Britain are worried they may have to close shop this year due to spiraling costs. The report notes that if they collapse it could wipe £12 billion ($14.4 billion) from the British economy.

Over 75% of the respondents to the survey said the cost of living crisis is the biggest challenge they have ever faced, and the price of energy is their single biggest concern.

GoDaddy’s UK manager Andrew Gradon, noted that “microbusinesses,” or firms with less than ten employees, make up 96% of all business within Britain’s private sector.

Gradon noted to Sky News, “They are the lifeblood of businesses in the UK and it’s them that are on the frontline, very much feeling the direct impact of the cost-of-living crisis.”

Gradon noted, “Around 42% said that they wanted support with tax incentives but are also looking more broadly to business support – so looking at technical assistance for business development as well as support for digital strategy.”

A spokesperson for the British government admitted that businesses in Britain are being hard hit by the energy crunch, but noted the government has been providing businesses with billions of pounds of support.

He said, “This support means some will be paying around half of predicted wholesale energy costs this winter,” and the government has “pledged further energy support from April onwards.”

The British government unveiled the Energy Bill Relief Scheme in September of last year. So far it has given businesses £18 billion ($22 billion) to help ameliorate the effects of soaring energy costs.

However the scheme will end in March, at which point a new support package will take effect. however the new package will feature reduced funding of only £5.5 billion ($6.5 billion.