As the new PM gets started, there is no time for bedding in for business.
Faced with unprecedented costs, delays for raw materials, pandemic debt and staffing pressures, businesses cannot afford to wait and see, they are demanding action now.
Here are the most pressing issues facing firms right now and what they are asking for.
Energy bills
Businesses are facing soaring energy bills with everyone from pub s to retailers warning that they will be forced to close unless they get support to meet additional costs.
The British Chambers of Commerce is among those asking for help, including extending power to energy regulator Ofgem to kerb the rises.
It also suggests Covid-style support by introducing Government Emergency Energy Grant for SMEs.
New PM Liz Truss is said to be considering an energy price cap freeze - and there are hopes that any package of support will include businesses.
Business minister Greg Hands told MPs in the House of Commons on Monday that ensuring consumers and businesses are "protected" will be a priority.
The BCC has said action must be taken quickly to “protect businesses, livelihoods and jobs”.
Firms have seen their energy costs surge in recent months as the invasion of Ukraine by Russia has accelerated increases in gas and oil prices. And fixed-rate deals are set to expire for many businesses this October, exposing firms to full current costs.
In April, the Government pledged further support for high energy consuming businesse s including manufacturers through the Energy Intensive Industries Compensation Scheme.
Unlike consumers, there is no cap in place for commercial energy bills, although larger firms have sought to protect themselves through hedging agreements, where they agree a contracted price for a fixed period of time.
Business groups have highlighted that smaller companies, without the resources needed for hedging, are at particular risk from the impact of spiking prices.
The BCC proposed the measures as part of a possible “five-point plan” to support businesses.
Energy UK is also reportedly suggesting a range of measures to support businesses, including deficit funding for suppliers, scrapping VAT from bills, and exemptions from business rates.
VAT cut
There are calls for a temporary cut in VAT to 5% to reduce energy costs.
Last week, The Times reported that Chancellor Nadhim Zahawi plans to help businesses facing bankruptcy by implementing a multibillion-pound package of tax cuts, including targeted reductions in VAT and business rates to aid the retail and hospitality sectors.
Mr Zahawi is believed to have discussed his plans with the favourite to win the Tory leadership contest, Liz Truss, and is in line for a senior job in her cabinet should she be victorious, although he is not expected to be chancellor after Monday's poll outcome. He said that failing to act could result in economic "scarring" and bankruptcies.
UK Hospitality is asking for a series of measures including a reduction in the headline rate of VAT for the sector to 12.5%, a business rates holiday, the deferral of all environmental levies, the reinstatement of a HMRC Time to Pay scheme and the reintroduction of a trade credit insurance scheme for energy.
Kate Nicholls, Chief Executive of UKHospitality said with this in place, the sector will be well placed to aid growth through generating jobs and local investment.'
Beer tax
Campaign for Real Ale (Camra) has called for beer tax to be scrapped in a series of measures to help pubs cut costs and stay open.
Tom Stainer, chief executive said that thousands of pubs could close because it is not “viable” for landlords to raise the price of a pint to £15 or £20 to cover their soaring energy bills.
He told the Daily Star the cost of a pint would have to rise to “ridiculous” amounts to match the increase in running costs that pub landlords now face.
Stainer called on the UK Government to take action and support the hospitality industry by reviewing energy costs, business rates and beer tax.
Staff and skills
Alongside the cost of living crisis for employees and pressure to increase salaries, firms are reporting that recruitment is still a huge issue.
Matthew Percival, CBI Director of Employment, said that August labour market statistics reported that pay falls further as businesses and workers struggle with rising costs like energy prices.
He said: “Speaking to employers it’s clear that filling roles remains a primary concern and is proving a handbrake on the UK’s economic prospects.
“The number of older workers now economically inactive continues to worsen and it’s up to firms and Government to find new ways to attract people back into the labour market.
“The incoming government will need to add greater flexibility to the apprenticeship levy, review the Shortage Occupation List and aligning skills gaps with education and training.
The British Chambers of Commerce is asking the Government to immediately review and reform the Shortage Occupation List (SOL) to grant visas to overseas workers in certain industries in order to help bring down wage pressures and fill staffing vacancies .
Offshore Wind
A study by the Offshore Energies UK (OEUK) group is calling for urgent action to tackle the planning problems delaying even faster expansion of offshore wind.
In April, Boris Johnson’s British Energy Security Strategy announced plans to make the UK “the Saudi Arabia of wind power” with a four-fold expansion of offshore wind by 2030.
But the new PM will need to rip up the red tape to allow the installation of an estimated 3,200 new, and much larger wind turbines by 2030.
The new Prime Minister and Business secretary should
1. Cut planning consent times from four years to one.
2. Streamline the Environmental Assessment process
3. Cut red tape using the government’s Offshore Wind Acceleration Task Force
4. Create a fast-track planning process for non-controversial projects
It is being endorsed by Hull & Humber Chamber of Commerce. Chief Executive Dr Ian Kelly called for “Action this Day” from the new Prime Minister and Business Secretary to push this vital agenda forwards by removing this unnecessary planning red tape at 'this vital time for UK energy security.'
Read more from BusinessLive:
Business demands action on cost of living crisis as Liz Truss is confirmed as next Prime Minister
Address 'rampant energy costs' and support West Midlands mayor
New prime minister Liz Truss 'must not forget' South West businesses - region reacts
Cost of Living: List of firms helping staff with bonus payments
