Chamber of Commerce: 'Businesses need assurances'
The chief executive of Herefordshire and Worcestershire Chamber of Commerce has responded to Jeremy Hunt's announcement, saying parts of it will be 'of huge concern'.
Last updated 18th Oct 2022
Business leaders will take little comfort from the new chancellor's plans for the economy, according to the Chamber of Commerce for Herefordshire and Worcestershire.
Chief executive, Sharon Smith, said: "The cost of living and the cost of doing business crises are two sides of the same coin and we need a clear, long-term vision on how the government will support firms, people, and communities."
Prime Minister Liz Truss has apologised for the turmoil in the market in recent weeks that was caused by the mini budget.
Yesterday, the new chancellor, Jeremy Hunt, scrapped most of her promised tax cuts and announced he will be scraping back the energy bill support from April, despite Ms Truss having promised it will last two years.
Ms Smith said: "The decision that looks to strip back energy support for firms from next April will be of huge concern.
"The government must commit to a full consultation with firms ahead of this to provide some certainty on where any targeted support will go."
Mr Hunt's announcement has helped stabilise the markets, though. The pound dropped to an all-time low after former chancellor, Kwasi Kwarteng, gave his mini budget statement. But, so far, the pound has bounced back against the dollar.
Despite five of her own MPs publicly calling for her to step down, Ms Truss insists she will be able to lead the Conservatives into the next general election.
She has spoken for the first time since yesterday's u-turns on almost all her economic plans. She says she's determined to "deliver for the British public".