Treasury ‘must act now to help our businesses’

Conor Murphy expressed concern that further mitigations may not materialise until the UK government unveils its autumn statement.

He was commenting as he spoke with business owners on a visit to Portaferry.

Mr Murphy urged Chancellor Nadhim Zahawi to act immediately to support businesses facing rocketing energy prices and other inflationary pressures.

The minister said the recent ending of a temporary reduction in the VAT rate for leisure and hospitality sectors was having a “detrimental impact”.

“Just like households our businesses are facing a cost crisis,” he said.

“The measures taken by the British government to date have failed to deliver support for businesses, which are under immense pressure as a result of increased fuel and energy costs.

“Treasury cannot wait until the autumn to take action, the reality is that this may be too late for some businesses. It is imperative that they take action now.”

During his visit, Mr Murphy met James Higginson, proprietor of Captain Jack’s restaurant and takeaway.

The chief executive of Hospitality Ulster, Colin Neill, also attended.

He said: “We welcome that Minister Murphy is out on the ground in Portaferry meeting directly with business owners and listening to the experiences of a number of sectors, including those from the hospitality industry, about the pressures owners and managers are under.”