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We need action now… Time is running out: Chambers’ message to new PM

CHAMBERS of Commerce across the UK have called on new Prime Minister Liz Truss to take urgent action to bolster the ailing economy.

Chamber bosses are urging the new leader to introduce a package of five measures that they believe will ease the economy.

The package of measures was sent to Ms Truss pictured below and the Treasury in August. “It is now imperative that we see movement on our proposals,” said Sarah Howard, chair of the British Chambers of Commerce, the parent body of Milton Keynes, Bedfordshire and Northamptonshire Chambers.

The BCC five-point plan to support businesses includes the following measures:

  • Ofgem to be given more power to strengthen regulation of the energy market for businesses;
  • Temporary cut in VAT to 5% to reduce energy costs for businesses; 
  • Covid-style support by introducing Government Emergency Energy Grant for SMEs;
  • Temporarily reverse NICs and put money back into the pockets of businesses and workers;
  • Government to immediately review and reform the Shortage Occupation List to help bring down wage pressures and fill staffing vacancies.

“The last few months have been difficult for everyone, time is running out and urgent action is needed to deal with the costs’ crisis,” said Ms Howard pictured right. “We believe the country has already entered a recession and that inflation will hit at least 14% in the months ahead.

“Like households, firms have been telling us of unsustainable rises in their energy bills and how difficult it is to find new fixed term contracts to buffer against further price hikes. Unless the new Prime Minister addresses these problems head-on then the economy will drift further into dangerous waters and the outlook for both businesses and consumers will be bleak indeed.

“The plan is not just about ensuring support for businesses. It is also about protecting jobs, securing livelihoods, and creating a vibrant and prosperous society.”

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