Cost of living crisis - What impact is it having on local businesses?

lowestoft town centre

Businesses are feeling the cost of living squeeze. - Credit: Nick Butcher

The cost of living crisis continues to bite as fuel costs, everyday items and inflation continue to rise.

Despite the continued risk of a future recession - the government has not yet announced any plans to counteract the crisis yet with something like an emergency budget.

Small independent businesses across our area such as shops, pubs and cafes are feeling the squeeze and impact.

salvinas

Salvina's Traditional English Sweets in Lowestoft. - Credit: Google

Lawrence Stafrace, owner of traditional sweet shop Salvina's Traditional English Sweets in Lowestoft said: "It is having a knock on impact on business as all of our bills are going up as well as the price of sugar.

"There's nothing we can do about this either which makes it very worrying we can't bring our prices down we can only put them up.

"If inflation and the cost of living crisis gets worse we may have to cut back on luxury items.

"Prices of gas and electricity will go up again in October and I'm sure this will have an impact on business as well.

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"I feel like a lot of independent small businesses are in the same boat when it comes to the cost of living crisis - we are all suffering one way or another."

earsham street cafe

Earsham Street Cafe in Bungay. - Credit: Andrew Aterwill

Mike Hennessey, one of the joint partners at Earsham Street Cafe in Bungay highlighted his worry about the rise in inflation.

He said: "Our suppliers are raising their prices which is worrying.

"Our main concern at the cafe is the rise of inflation if that continues because this will have a knock on effect on everybody.

"Our customers are still coming in to the cafe though and we haven't seen much difference in that respect."

Landlords are also facing pressure as the cost-of-living pressures mount.

nick attfield

Nick Attfield, director of properties at Adnams. - Credit: James Bedford/Adnams

Nick Attfield, director of properties at Southwold-based brewery Adnams, said: "The cost-of-living crisis is beginning to impact on everyone. The April pay packet was the first time people have seen the new level of national insurance go out and everyone's seen their energy bills.

"But I still maintain going to the pub, going out to eat, going out to socialise is something that we as a nation need and want. It's such a fundamental human necessity.

"The demand is still there, but my god it's a bit of a pinch now for lots of people."