Bosses urge PM to address 'rampant' energy prices to support struggling businesses

The new PM officially takes over from Boris Johnson today and is expected to announce measures to address the cost of living crisis.

And she has been warned that businesses across the West Midlands faced disaster unless there was a curb on "rampant" energy cost increases.

Henrietta Brealey, chief executive of Greater Birmingham Chambers of Commerce (GBCC), said: "At present, the most pressing concern for businesses is how our new Prime Minister and soon to be appointed cabinet will tackle the very real issues facing our businesses and economy.

"The UK is falling further behind international competitors such as Germany in curbing rampant energy cost increases.

"Coupled with wider inflationary pressures and labour market shortages, the country is at risk of long-term economic damage if urgent action isn’t taken.

"Our business community has proven itself to be remarkably resilient, entrepreneurial and full of further potential to unlock.

"It drives economic growth and employment opportunities. It needs to see urgent short-term measures coupled with long term vision and strategic decision making to enable its success.

"We look forward to working with the Government to ensure that local businesses remain at the heart of these conversations."

West Midlands Mayor Andy Street has also called for support for businesses. The former John Lewis boss told the Star: "Very soon we'll get a response on the measures to deal with the cost of living crisis, and included in that has to be businesses – and particularly small businesses.

"People are struggling and the case for manufacturers, for pubs and cafes, is just as pressing. A lot of this is about energy, and we have a lot of energy intensive businesses in our region that are facing real difficulties.

"I want to see an energy price cap for small businesses as well as households, and I'll be pressing on that."

The Black Country Chamber of Commerce has called on Ms Truss to follow its recently published five-point action plan to support businesses.

The actions include Ofgem being given more power to strengthen regulation of the energy market for businesses, a temporary cut in VAT to reduce energy costs for businesses, introduction of Government Emergency Grants for SMEs, and the reversal of NICs to put money back into the pockets of businesses and employees.

One of Ms Truss’s first major speeches will be at the Conservative Party conference at the ICC in Birmingham next month.

She is set to address the energy crisis in a speech this afternoon.