Small businesses in the UK are struggling to deal with rising energy prices, rising costs and a rapid decline in the purchasing power of customers.
According to new data released on Wednesday, UK inflation reached a 40-year high of 10.1% in July. Energy and food prices continued to rise, exacerbating the country’s cost of living problems.
On Wednesday, the director of Britain’s Energy Authority, Ofgem, submitted his resignation in protest at the agency’s choice to raise home bills by several hundred pounds. Ofgem accused the agency of failing to reconcile the interests of customers with the needs of producers.
UK real earnings fell 3% in the second quarter of 2022, the biggest drop in decades because wage increases have not kept pace with the rising cost of living.
A new survey released on Friday also showed that consumer confidence has fallen to the lowest point since the data was recorded in 1974.
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Consumers often abandon fish and reptiles due to high maintenance costs, and last Wednesday a customer brought in a snake he can no longer care for.
Lynx Aquatics was forced to close a store in East Yorkshire, laying off several employees, while it was trying to offer salary increases to employees at the two remaining Lincolnshire locations to help them cope with the situation.
Due to an increase in in-store service expenses, such as heating water for marine tanks and purchasing pump equipment, the company is also looking to grow its online store.
A quarterly survey conducted by the British Chamber of Commerce in early July indicated that 82% of UK businesses see inflation as a growing problem for their businesses, with revenues, investment plans and revenue expectations declining for an extended period.
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