Businesses need support not blame for rising costs - The Yorkshire Post says

While some firms such as oil giants and large supermarkets may have profited from the cost of living crisis, the lifeblood of this country is the small and medium sized enterprise (SME) sector.

These are the businesses that operate within our communities. The bosses of these companies live amongst ordinary people.

And often these SMEs are the ones that show the most care and concern for their local communities. Now is not the time to turn our backs on them.

As Charles Turner, CEO of Sheffield-based manufacturer Durham Duplex, highlighted at the city’s annual Cutlers’ Feast last night, energy costs are weighing heavily on SMEs.

The machine knife and industrial razor blade manufacturer has seen its energy costs treble over the past two years. SMEs have “no choice but to suck it up”, says Mr Turner.

While the British Chamber of Commerce (BCC) said that British businesses are “not profiteering” but merely reacting to pressures in the supply chain with Shevaun Haviland, director general of the BCC, arguing that firms are “absorbing a huge amount” of cost increases to avoid passing these on to business customers and consumers.

But this is only sustainable to a point. That is why energy firms need to pass on savings in wholesale pricing to businesses as soon as possible.

Failure to pass on savings would do damage not only to SMEs but also undermine an entire sector that energy firms are reliant on.

Mr Turner also called for the cross-party development of a long-term national industrial strategy. This is not only important for Britain’s economy but also its future security.