WHAT DO BUSINESS OWNERS WANT FROM THE NEW PRIME MINISTER LIZ TRUSS?

We all know that we have a new Prime Minister, Liz Truss, who won the leadership contest within the Conservative Party which has raged since the ousting of former Prime Minister Boris Johnson.

In her first speech in Parliament, Liz Truss said she had three big priorities to tackle straight away including the cost of living crisis with predictions that she will freeze the price cap on household bills for gas and electricity. Many people face bills rising by at least 80 per cent from October 1 – and for many that price rise is much much higher as they were on fixed rate deals. However business owners are holding their breath even more, as they too need support as there is no energy price cap on businesses. Some businesses, which use a lot of energy, are worried that they cannot cope with the substantial rise predicted to their energy bills.

Liz Truss also spoke about securing energy supplies at home which has led to worries about commitments to moving towards a greener economy and moving net zero. There was a third pledge to ensure people could get GP appointments and to support the NHS.

Liz Hutchings founder of Total Guide says Liz Truss has a strong mandate from her peers which she hopes will unite the party allowing the Government to get on with the huge job of running this country.

“My main feeling is relief that the contest is over and that the government can get back to doing their job as this hugely critical time for businesses.

“In normal circumstances, I would have agreed with Rishi Sunak's stance on taxes but the cost of living crisis could well stunt business growth if people panic and stop spending. This would compound the impact of the escalated costs businesses are facing.

“We and many of our clients are going through a huge growth spurt and without help this growth could be stunted. I would also hugely worry for the hospitality sector having just recovered from the brutal lockdowns, I'm not sure how many would survive without the aid and tax cuts Liz Truss has promised.”

Today Liz Truss’s plan will be set out in more detail.

IMAGE CREDIT: BBC Website