Paul Slevin, President of Chambers Wales South East, South West and Mid, said:

“While we welcome the Chancellor’s announcement of additional funding for the Welsh Government to assist households in Wales amid rising energy costs, we are concerned about the lack of financial support for businesses, particularly SMEs, who are also struggling with rising costs.

“Cost inflation is a very real and increasing worry for businesses in Wales, and SMEs are currently having to manage the rising costs of materials, wage inflation and supply chain shortages driving up prices among several other challenges.

“If no action is taken, businesses will have no choice but to raise the prices of their products and services. Extending support to small businesses and delaying the rise in National Insurance contributions would be a step in the right direction to reduce further inflation and the cost-of-living crisis.”