Prime Minister must act now on cost of living, warns CBI

Prime Minister Boris Johnson must act immediately in order to help his successor manage the cost of living crisis, the Confederation of British Industry (CBI) has warned.

The CBI says the Prime Minister must bring together both leadership candidates in the next two weeks to agree a way forward to support people and businesses with energy bills once the Ofgem price cap is announced on 26 August.

This would allow the current Prime Minister to issue reassurances that people will be significantly supported in the cost of living crisis, without having to wait until 5 September or later.

They must also put the Office for Budget Responsibility (OBR) on official notice that an emergency Budget is likely in September, and they must prepare their forecast immediately.

The Prime Minister should also prepare a package of choices that can be proposed to the leadership candidates now on how to support the most vulnerable people and firms with the cost of living through the autumn and winter.

Tony Danker, CBI Director General, said: ‘The economic situation people and businesses are facing requires all hands to the pump this summer.

‘Crucially, there is going to be a great deal of worry for many over how they will pay their energy bills after the next price cap. That means the Prime Minister and the candidates should come together to agree a common pledge to support people and help quell fears.’

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