ACT NOW TO HELP SQUEEZED MIDDLE RISHI IS WARNED

GOVE RULES OUT EMERGENCY BUDGET | We need urgent action, bosses tell Boris

- Nicholas Cecil, Jonathan Prynn and David Bond

RISHI SUNAK was today urged to step in to help millions of people on middle as well as low incomes cope with the spiralling cost-of-living crisis.

Bosses called on the Chancellor to intervene "at pace" and not adopt a “wait and see" strategy. His Cabinet colleague Michael Gove ruled out an emergency budget this morning.

But business leaders in London piled pressure on the Government to act speedily after the Queen's Speech. Richard Burge, chief executive of the London Chamber of Commerce and Industry, told the Standard: “We were disappointed not to see more announced to address the rising cost of living and the rising costs for businesses, the pressures of which are undoubtedly felt most acutely in London, as commercial and residential rental prices skyrocket and energy costs soar.

"While the Government suggests it will not hesitate to support the burden of rising costs for households, the proposals are limited to lower income workers, meaning middle earners in the capital will shoulder the weight of inflation."

Laura Osborne, of business group London First, added: "Consumer confidence is suffering, and many firms across the capital are worried that rising costs will derail recovery, just as they were starting to get back on their feet.