NEW Prime Minister Liz Truss must ‘hit the ground running’ to support the economy – so say business leaders in Coventry and Warwickshire.
Ms Truss, who beat Rishi Sunak in the race to be the new Conservative Party leader, takes over the reins amidst rising inflation and a cost crisis for individuals and businesses.
Corin Crane, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: “There has been a hiatus in Government while this leadership race has taken place at a time when businesses and individuals are facing a major crisis of rising costs that simply cannot be sustained.
“Liz Truss will have to hit the ground running if the country is to get to grips with the issues around energy costs and inflation that are putting huge strain on the economy.
“There is very little time to waste and it’s vitally important that the economy gets the support it needs to help overcome this crisis.
“The new Prime Minister has an incredible opportunity to act quickly and decisively in appointing a strong cabinet focused on business growth and with some brave, game changing policies that will address the issues businesses are facing around trade, energy costs and recruitment.
“The West Midlands is the heartbeat of the UK economy and we need a PM that will use business organisations such as Chambers of Commerce to help businesses survive and grow.”
Sarah Howard, Chair of the British Chambers of Commerce, called on the new PM to take immediate steps to support the economy.
She said: “The last few months have been difficult for everyone, time is running out and urgent action is needed to deal with the cost crisis.
“We believe the country has already entered a recession and that inflation will hit at least 14 per cent in the months ahead.
“Like households, firms have been telling us of unsustainable rises in their energy bills and how difficult it is to find new fixed term contracts to buffer against further price hikes.
“Unless the new Prime Minister addresses these problems head-on then the economy will drift further into dangerous waters and the outlook for both businesses and consumers will be bleak indeed.
“The BCC set out a five-point action plan to support businesses at the end of August and sent it to the Treasury and Liz Truss’ team. It is now imperative that we see movement on our proposals.
“The plan is not just about ensuring support for businesses. It is also about protecting jobs, securing livelihoods, and creating a vibrant and prosperous society.”
