The CBI urged the government to freeze business rates for another year and to quickly implement targeted support to prevent otherwise viable businesses from collapsing. 

Over the next three months, two-thirds of businesses will face a significant rise in their bills, with a third of those facing increases exceeding 30%.

The CBI also urged the government to offer businesses and the self-employed additional time to pay their tax bills and to provide easier access to loans. 

"Firms aren't asking for a handout. But they do need autumn to be the moment that the government grips the energy cost crisis. Decisive action now will give firms headroom on cash flow and prevent a short-term crunch from becoming a longer-term crisis,” commented Matthew Fell, CBI chief policy director.

"With firms under pressure not to pass on rising costs, there is a risk that vital business investment is paused or halted entirely. That, in turn, could pose a real threat to the UK's economic recovery and Net Zero transition."