A leading business organisation in the county has written to senior government figures with a five-point plan to support firms facing a financial crisis due to rocketing energy costs.

The Kent Invicta Chamber, which represents firms across the county, has joined the British Chambers of Commerce network in writing to the Prime Minister, Chancellor and both candidates in the race to be the next Conservative Party leader.

They have drafted a five-point plan to provide vital support to UK businesses.

The five points include giving energy market regulator Ofgem more power to strengthen regulation of the energy market for businesses; a temporary cut in VAT to 5% to reduce energy costs for firms; Covid-style support with a Government Emergency Energy Grant for SMEs (small and medium-sized enterprises); and a temporary reversal in the recent rise in National Insurance contributions to put money back into the pocket of companies and workers.

In addition, it wants the Government to "immediately review and reform" the Shortage Occupation List to help bring down wage pressures and fill vacancies.

Jo James, chief executive of the Kent Invicta Chamber, explained: "Since the start of 2021, like the rest of the accredited chamber network, we have been repeatedly hearing the same message; the cost-of-doing-business is increasing.

"At over 10%, CPI [Consumer Price Index] inflation is at a 40-year high; interest rates are seeing the largest increase in 27 years and eye watering energy bills have created a perfect storm of increasing costs.

"The impact of these challenges on consumers, businesses and wider society cannot be overstated.

"Consumer confidence reported at a 50-year low, and the Bank of England’s projections of a year-long recession, demonstrates that the cost-of-living crisis and the cost-of-doing-business crisis are two sides of the same coin.

"The chambers' five-point plan is not solely about ensuring support for businesses. It is also about protecting jobs, securing livelihoods, and creating a vibrant and prosperous society for everyone.

"Good business is good for our communities, and we must support firms and the individuals that run them to ride out this economic storm.

"In June, we gave the Government until the autumn budget to get its house in order, but the latest economic projections released since then have been worse than expected. We simply cannot afford to see another month of the same old news."

The energy price cap - set to rise in October - applies only to households in the UK, with no cap applicable to business customers - meaning they are likely to be hit hard by the soaring costs of gas and electricity.