Reacting to the news of Rishi Sunak being announced as the new Leader of the Conservative Party, and new Prime Minister, Sam Merrett, Policy Executive at Herefordshire & Worcestershire Chamber of Commerce, said:
“I would like to congratulate Rishi Sunak on his appointment as Prime Minister following Liz Truss’ resignation last week. The turmoil in recent weeks has caused significant damage to businesses already facing increasing costs. Mr Sunak must calm the economy after a period of worrying uncertainty.
“In his previous role as Chancellor, Mr Sunak provided support to steer businesses through the pandemic. He must prioritise businesses again to provide a long-term economic plan to enable businesses to flourish.”
“Inflation has risen to a 40 year high of 10.1%. The rise in inflation is driven by the highest food price increases in decades. This is a major concern to employees of businesses that are already struggling to cope with inflationary pressures as well as the rising energy costs to their business. As prices continue to rise, this means added costs for businesses buying materials and products to run their business.
There are several knock-on effects of these issues to businesses such as recruitment issues and therefore businesses must see a clear economic plan from Mr Sunak to enable progress after a period of economic turmoil.”
Herefordshire & Worcestershire Chamber of Commerce look forward to working with the new government in providing much needed support to businesses. If you have any concerns or issues related to your business, please contact the Policy team at policy@hwchamber.co.uk.