New PM Liz Truss must take “immediate action to support economy” warns South Yorkshire Chamber of Commerce

The Foreign Secretary was selected as the new Prime Minister today (September 5) following Boris Johnson’s resignation in July.

Ms Truss pledged “immediate action” on soaring energy bills this week, and added she is “ready to take the tough decisions to rebuild our economy.”

She is expected to finalise her cabinet choices today, before formally becoming PM tomorrow after being appointed by the Queen.

Andrew Denniff, chief executive of Barnsley and Rotherham Chamber of Commerce, said:“Liz Truss must now take immediate steps to support the economy. The last few months have been difficult for everyone, time is running out and urgent action is needed to deal with the costs’ crisis.

“Chambers of Commerce believe the country has already entered a recession and that inflation will hit at least 14 per cent in the months ahead.

“Like households, members 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 we address 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 British Chambers of Commerce five-point plan includes more power for Ofgem to strengthen regulation of the energy market for businesses; emergency energy grants for small and medium-sized enterprises; and temporarily reverse National Insurance Contributions.