BCC says government is ‘running out of time’ to support businesses

The British Chambers of Commerce (BCC) has urged the prime minister, chancellor of the exchequer and both leadership candidates for the Conservative party to back a proposed plan that aims to provide “vital” support to UK businesses.

The open letter by the BCC comes ahead of the upcoming Ofgem announcement in which energy prices are predicted to jump by 80 percent.

The organisation outlined a five-point plan to support business, which would include providing Ofgem with more power to strengthen regulation of the energy market, a temporary cut in VAT to five percent and “covid-style” support through a Government Emergency Energy Grant for SMEs.

Additionally, the BCC has requested for the temporary reversal of national insurance rates (NIC) and for the government to review and reform the Shortage Occupation List (SOL) to help bring down wage pressure and fill vacancies.

The letter comes as concerns surrounding the cost-of-living crisis deepens, as well as the Bank of England’s projections of a recession, with the BCC stating that the government “is running out of time to offer businesses and households the support they need”.

“The BCC’s five-point plan is not solely about ensuring support for businesses. It is also about protecting jobs, securing livelihoods and creating a vibrant and prosperous society for everyone,” said Shevan Haviland, director general of the BCC, in the letter.

Haviland continued: “Good business is good for our communities, and we must support firms and the individuals that run them to ride out this economic storm.”