Shropshire Chamber backs four-point plan for new PM to boost business confidence

The British Chambers of Commerce has written to the two finalists in the Conservative Party leadership battle, Rishi Sunak and Liz Truss, spelling out urgent economic priorities the winner will need to address.

The letter from director-general Shevaun Haviland said: “This contest is happening amidst huge challenges facing our economy. Having made it through the pandemic, businesses are now battling labour and skills shortages; soaring energy, raw materials and other costs; and supply chain challenges.”

Richard Sheehan, chief executive of Shropshire Chamber, added: “The results of our own quarterly economic survey, published earlier this month, showed that Shropshire’s economy is on a knife edge right now.

“Whoever wins the leadership election must focus on reversing these damaging trends and pressures, and fix the fundamentals to support growth.”

The chamber network has earmarked four priority areas for the next Prime Minister to boost business confidence and drive the economy.

These are:

• Help firms to manage cost pressures by reducing their tax burden

• Reform the UK’s training and immigration system so companies can find the staff they need

• Ensure businesses have the support they need to take advantage of global trading opportunities

• Provide incentives for firms to build a green economy – and support them through the transition.

Mr Sheehan said: “There is no doubt that our economy is facing huge challenges. The highest ranking ‘fear factor’ is inflation, and there is also growing concern over the direction of interest rates – all of which impacts on business running costs.

“Skills shortages remain a massive issue. Nearly three-quarters of businesses tell us they are experiencing recruitment issues – companies want to expand, but in many cases are simply unable to find the right people.”