The Chancellor must announce 'cost of business' support measures

26 May 2022

Richard Burge, Chief Executive of the London Chamber of Commerce and Industry, said:

“The London Chamber of Commerce and Industry is pleased that the Chancellor is finally addressing the cost of living crisis – although we question why it has taken so many weeks of warning for him to only offer help now.

What is most significant about the Chancellor’s announcement is the abject lack of help for businesses - the energy crisis has also created a devastating cost of doing business crisis. We have been calling for VAT cuts for businesses for months, which would alleviate these pressures on businesses and the benefits would also be passed on to the consumer.

The London Chamber is baffled that a government who once appeared to be pro-business, seems to have forgotten the essential role businesses play for our economy. 2022 was meant to be the year for business bounceback and a return to normality – and yet this feels reminiscent of the dark days of the pandemic.”