Mall traders are now looking forward to next week’s expected mini budget to help them tide over rising bills, despite a slight moderation in inflation.
Some firms on Wednesday said their electricity bills have more than doubled in the last three months alone.
Leslie So, founder of Derby-based eco-friendly drink maker So Good Kombucha, said the price of raw materials such as glass bottles has risen 50% in the past year.
She said: “We can’t afford to raise our prices because we compete against mass-produced drinks that are too cheap to make and so we have no choice but to continue to take a huge hit on our margins.” .
This is going to significantly impact our ability to accomplish the whole point of the business, which was to create jobs for refugees and others who are marginalized in our communities.
“I fear it will get worse during the winter as demand for soft drinks dwindles and our bills keep rising.
“This is going to significantly impact our ability to accomplish the whole point of the business, which was to create jobs for refugees and others who are marginalized in our communities. If this continues, like us. Many small businesses across the country will really struggle to survive. For us, it doesn’t look like the economy is growing.”
Sarah Hall, founder of The Silk Purse Guild, said the energy bill crisis “is piercing the hearts of UK small businesses”.
She said: “I work with countless small independent manufacturers and many are struggling to buy their raw materials and set their kilns on fire.
“My little handmade market has come to a standstill mid-launch, as no one in the creative community has the courage or the courage to take the opportunity or inspiration to start something new.
“The tone in the community remains grim as the crisis of livelihood deepens, with no clear relief. It’s a constant battle to keep up the excitement, and my mental health has been completely affected, as the news gets worse by the day.”
We are a family of five and these are really worrying times. We are preparing ourselves for recession, as the UK economy currently faces a perfect storm
Olga Sipsenoka, founder of Hertfordshire-based restaurant Per Tutti, said: “Suppliers keep on calling every week with new price increases, which is really stressful. For now, we haven’t increased our prices because we’ve got some really big chains. Including our local competitors, and our current dilemma is how long will we be able to swallow without incurring additional costs on the customer.
“We are a family of five and this is a really worrying time. We are preparing ourselves for recession, as the UK economy is facing the perfect storm right now.”
Amy Sabin of Wareham-based personal training firm Future Fit Training said: “It doesn’t seem like much is necessary to address the current economic crisis, the kind of mental health crisis that will almost certainly follow.”
Marin Penfold, owner of Worthing-based artisan hot chili sauce maker Boom Sauce, said inflation is “destroying” small businesses day by day.
“I am really worried about the future of my own business as customers are spending too little. I cannot raise my prices because it risks losing customers and equally I cannot reduce them because the cost of materials has gone up. Many small artisan makers like me are in a catch-22 situation. It is not viable to bring down the prices when raw material costs are skyrocketing.”
Chris Maslin, director of Tunbridge Wells-based employee ownership specialist Go EO, said workers wanted wage increases to match the rocketing cost of living, which was putting real pressure on businesses.
“Growing their own food and installing solar panels is not viable for most people, so they have no choice but to pay rising prices for food and utilities. They may be expecting to face wage hikes, but already growing businesses will struggle to afford these. ,
The energy price range announced last week was a start but you’d think something more dramatic would be needed for Christmas
Ollie Hayes, former professional rugby player, personal trainer and founder of So Fit Bath, said: “The cost of keeping the gym warm during the winter months is already running down my spine. Energy bills are going through the roof. And any small business with physical premises will feel the squeeze right now.
“The energy price cap announced last week was a start but you’d think something more dramatic would be needed for Christmas. Let’s hope there is some radical announcement in next week’s mini budget.
Dave Kelly, co-founder of Bristol-based butcher Ruby & White, said: “Inflation may be a bit low, but it won’t feel like it for millions of small businesses, especially those that have an office or shop for heat and electricity.”
Real estate consultant Altus Group said businesses were urging the Chancellor to use the emergency mini-budget to end the hike in business rates next April, pegged at the September inflation headline rate.
If the 9.9% CPI inflation rate of August is repeated in September, non-domestic buildings in England such as shops, pubs, restaurants, factories and offices will face an increase in business rates of £2.66 billion during the 2023/24 fiscal year It turns out, it was speculated.
Credit: www.standard.co.uk /