Cost-of-living package welcome but businesses also need support - Chamber

The Chancellor must now look at ways to help businesses tackle rising costs after the announcement of a £15bn package to support households, business leaders said today.

Rishi Sunak 's package of cost of living support included a £400 discount on energy bills for all and a £650 one-off payment to the poorest eight-million households.

He said the measures will be funded by a 'windfall tax ' on oil and gas companies whose profits are soaring due to rising prices.

The intervention comes after inflation reached a 40-year high and energy bills expected to climb further in the Autumn.

Greater Birmingham Chambers of Commerce (GBCC) said that while the package of support was welcome, the Chancellor must now acknowledge the rising costs facing businesses.

Henrietta Brealey (pictured), chief executive of the GBCC, said: “As the country continues to experience a worsening cost of living crisis, the Chancellor 's announcement of a £15 billion package of support for the most vulnerable households was welcome.

“However, there were no interventions aimed at tackling the rising costs of doing business. Businesses are the essential ingredient in economic growth and creating sustainable employment opportunities.

“Early analysis of our Quarterly Business Report shows that firms are undoubtedly feeling the pinch as overheads rise and inflation continues its rocky upwards trajectory.

“As such, we are joining the UK Chamber network in calling for both fiscal intervention and an emergency budget to give businesses the breathing space necessary to recover and grow. ”