Suffolk Chamber of Commerce has backed a five-point plan sent to government leaders that aims to support businesses during the cost-of-living crisis.

The plan was set out by the British Chambers of Commerce (BCC) and has been fully endorsed by the Suffolk Chamber:

  1. Ofgem to be given more power to strengthen regulation of the energy market for businesses;
  2. Temporary cut in VAT to 5% to reduce energy costs for businesses;
  3. Covid-style support by introducing Government Emergency Energy Grant for Small and Medium Enterprises (SMEs);
  4. Temporarily reverse employer National Insurance increases and put money back into the pockets of businesses and workers;
  5. Government to immediately review and reform the Shortage Occupation List (SOL) to help bring down wage pressures and fill staffing vacancies.

The BCC has proposed the plan to the prime minister, chancellor of the exchequer and both Conservative Party leadership candidates.

Suffolk Chamber's chief executive John Dugmore said these measures were essential for key Suffolk sectors such as the land-based economy, hospitality and health and social care.

Mr Dugmore said: "The regulation of the energy sector for businesses must be strengthened.

"Businesses also need to receive support for spiralling costs through grant funding and a reduction in VAT on energy bills, along with measures to boost growth such as a temporary reversal of National Insurance Contributions and an urgent reform of the SOL to fill staff vacancies."

The BCC has argued that the cost of living crisis and the 'cost-of-doing-business' crisis are "two sides of the same coin".

It says the government is running out of time to offer businesses and households the support they need, offering their five-point plan based upon evidence including from Suffolk's businesses.

BCC director general Shevaun Haviland said: "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.

"In June, we gave the government until the autumn budget to get its house in order, but the latest economic projections released since then have been worse than expected. We simply cannot afford to see another month of the same old news."