Action will be needed

THE cost of living is likely to be front and central in every discussion had by senior members of the Government.

There will have to be action, such is the gravity of problems faced by families and businesses.

The North East England Chamber of Commerce has joined its colleagues all over the country to plead for an emergency budget to address the growing crisis.

Energy prices are the biggest problem – but if wholesale prices are higher then someone has to pay, whether that be consumers, the Government (through our taxes), the energy giants or energy providers. There are no easy answers.

Voices in the Government have counselled a strategy of waiting until we know by how much the energy price cap will be raised – a decision on that is due in August.

The Government needs to have a package ready to go then. But it may find that its hand is forced earlier. It needs to be ready for that too.