Angela Montacute, chief executive officer at Digital INNK, said: ‘Fleet companies and their staff are facing a multitude of challenges from rising energy costs to the cost of living crisis. The industry is clearly facing inflationary pressures, and the tech sector is well placed to help mitigate the impact.

‘Digital transformation helps companies operate more efficiently, and now it’s time to go the extra mile to help our customers. We are all in this together, and I’d call on technology companies across the fleet sector to do all they can to help reduce operational costs.’

Recent news has highlighted concerns around rising SMR costs due to longer leases and rising prices of parts and labour.

The most recent figures show the economy shrank by 0.6% in June, while the Bank of England warned of recession as consumers started to receive higher energy bills for October. The BVRLA has shared advice for firms looking to keep their costs low.

According to the ONS, the Consumer Prices Index, including owner occupiers' housing costs (CPIH), rose by 8.2% in the 12 months to June 2022, up from 7.9% in May.