‘Step up help for businesses now’

The government is being urged to do more to support the business community amid the cost-of-living crisis in the UK.

The boss of South West chamber of commerce Business West has said it is “crucial” the government “takes action” by showing it has plans to aid economic recovery – despite the current political uncertainty.

Phil Smith, managing director of Business West, said firms were facing “myriad issues” including soaring energy prices, which are due to skyrocket during the autumn.

“The two main choices which would have the most immediate impact would be to reform the Shortage Occupations List to help fill the 1.3 million current job vacancies and reduce businesses’ energy costs by expanding the energy bills rebate scheme,” said Mr Smith.

A recent Business West survey found that many firms are expecting to raise their own prices over the next quarter, with utilities, labour costs, and raw materials the main driver behind the move.

Mr Smith said the autumn Budget would be an opportunity for the new prime minister – and chancellor – to put in place a plan to help stabilise the economy.

He said: “With no energy price cap for businesses, this is forcing some businesses to close, so it is imperative the right support is available to avoid further economic downturn.”