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

“Congratulations to Liz Truss on becoming the new Prime Minister.

“After a summer of uncertainty for businesses and individuals due to the cost-of-living crisis, inflationary pressures and spiralling energy costs, providing clarity and taking decisive action on these issues, such as introducing an emergency budget, must be a priority for the Prime Minister as they enter office.

“Liz Truss must now lead the Government and do what is needed to protect the economy, businesses and people’s livelihoods, restore confidence and promote growth. The proposals set out in the British Chambers of Commerce’s five-point plan to support businesses are measures that can be taken swiftly and will make a significant difference.

“The five-point plan includes the following measures:

• Ofgem to be given more power to strengthen regulation of the energy market for businesses

• Temporary cut in VAT to 5% to reduce energy costs for businesses

• Covid-style support by introducing Government Emergency Energy Grant for SMEs

• Temporarily reverse NICs and put money back into the pockets of businesses and workers

• Government to immediately review and reform the Shortage Occupation List (SOL) to help bring down wage pressures and fill staffing vacancies”