Truss urged to curb economic damage as Boris leaves No 10
Liz Truss must act urgently to prevent long-term economic damage, business leaders in Greater Birmingham said today as Boris Johnson delivered his farewell speech as Prime Minister outside No 10 this morning.
Ms Truss heads to Balmoral today where the Queen will invite her to form a new government as Prime Minster having accepted Mr Johnson 's formal resignation.
Victory over Rishi Sunak in the ballot among Tory party members was confirmed in Westminster yesterday and Ms Truss immediately faced calls to curb “rampant ” energy cost increases.
Henrietta Brealey (pictured), chief executive of Greater Birmingham Chambers of Commerce (GBCC), said the most pressing concern for the new Prime Minister was to tackle issues facing businesses and the economy.
She said: “We would like to congratulate Liz Truss on becoming the new Prime Minister.
“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. ”
Raj Kandola, the GBCC 's head of policy, said: “Businesses are looking for the new PM to demonstrate decisive leadership at a time of great uncertainty.
“As we set out in our recent Policy Manifesto, short term fiscal intervention is going to be absolutely crucial as businesses grapple with rocketing price pressures and huge overheads.
“The Prime Minister 's proposal to reverse the recent National Insurance increases is a step in the right direction, but we would urge the new administration to go much further in helping businesses in the coming weeks.
“Introducing emergency energy grants for SMEs, extending VAT relief for hospitality firms and continued reform of business rates would offer much-needed relief to businesses facing an uncertain future.
“Ultimately, delivering a strong domestic agenda which enables growth across all parts of our country, accelerates the transition to net zero and tackles longstanding issues related to skills and productivity is going to be crucial for the country 's growth trajectory. ”
One of Ms Truss 's first major speeches will be at the Conservative Party conference at the ICC in Birmingham from October 2 to 5.