East Midlands Chamber says tackling cost of doing business crisis must be priority for new Prime Minister Liz Truss

In the wake of the appointment of Liz Truss as the new Prime Minister and leader of the Conservative Party in place of Boris Johnson, the Chief Executive of the East Midlands Chamber has sent his congratulations but has also called for swift action to help the business community.

Scott Knowles said: “We would like to congratulate Liz Truss on winning the Conservative Party leadership vote to be appointed Prime Minister and wish her all the best in the role as she seeks to take our country forward. 

“She will be well aware there is a mountain of pressing issues awaiting her on arrival at 10 Downing Street but we would urge Ms Truss to prioritise the escalating energy prices that are the most significant factor in the twin crises in the cost of doing business and cost of living. 

“While we understand there is no easy remedy, the worsening economic projections being published daily mean we can’t afford to wait any longer without practical support measures being put in place. Without them, we risk businesses being forced to scale back or shut down altogether – resulting in people losing their jobs and livelihoods.

“We would hope to see an immediate announcement that energy bills will be frozen at an affordable level for both households and businesses. Exclusively tackling residential energy bills would only solve half of the problem as businesses are being forced to raise their prices in response to the increasing costs they face in energy, fuel, people and raw materials.

“There is currently no energy price cap for businesses and this must be urgently addressed if our economy is to prosper, while in the long term we hope Ms Trust’s administration in collaboration will work with businesses to create a long-term solution to the various challenges we face.

“Going forward, we hope to see a genuine commitment to levelling up by investing in regions like the East Midlands, which has been left behind the rest of the UK when it comes to public investment for far too long. There is fantastic untapped potential in our region and we would be only too happy to welcome the Prime Minister to show her what we can offer our country.”