Whilst the cost-of-living crisis affects the general public, the impact on small businesses in the community cannot go unnoticed.
The crisis has affected everyone in the UK in some way, from the general public to big business owners. However, the affect it may have on small business can often go unnoticed, despite the sheer amount that have had to shut down due to increasing costs. So far there have been 20,000 companies that have gone insolvent in the UK, an increase of 72% since 2021.
One local business, based in Winton, that has been affected by the cost of living is The Silverback Micro Pub. Owner Milton Fenton spoke about the fact “the electric prices have gone through the roof” and “the price of the barrels of beer has gone up by at least 20 pounds, hence my beer has had to go up 10 pence”
Despite all this Milton believes the worse is still to come, “At the moment the general public still want to be here, we haven’t taken a hit on customers yet; I think that’s coming in the next couple of months when having a beer is more and more of a luxury than a normality”
The owner of The Silverback understands the position he is in and although he believes “all small businesses deserve the electricity price cap”, he later explains how he believes “it is a bit hard after COVID, as the government threw so much money at us to start off with, how much more money can the government give without eventually taking it from our pocket?”
How is the cost of living crisis affecting Bournemouth football clubs?