Sky News understands that Kwasi Kwarteng hosted a call with trade association bosses on Tuesday on which he was told that their members were facing unprecedented cost pressures
Chiefs from industries ranging from energy to hospitality have told the business secretary that inflationary pressures exacerbated by the war in Ukraine risk sending prices surging for cash-strapped British households.
. Sources said that among those who attended the virtual meeting were executives representing the building materials, energy, hospitality and retail industries.
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