Labour will force a vote in the Commons on Tuesday calling for the government to scrap business rates and create a £600 million contingency fund to ease the cost burdens on British firms. 

The party says measures are needed to address the immediate energy crisis facing businesses and says the fully-funded measure includes a one-off windfall tax on record North Sea Oil and Gas profits.

New analysis published by the party has revealed that more than 800,000 businesses – nearly one in four – have been affected by higher gas prices.

Jonathan Reynolds, Labour’s Shadow Business Secretary, said: “Soaring energy bills, a wave of cancellations and crippling inflation have left British firms unnecessarily on the brink.

“The Government has been asleep at the wheel, with British firms, especially those energy-intensive businesses, paying the price.