Facing soaring energy bills, rising costs and rapidly declining consumer purchasing power, small businesses across the U.K. are struggling to make ends meet.
'Absolute madness'
The business has seen its energy costs rise by 90% so far since the war in Ukraine began, Gammon told CNBC on Thursday, and its owners are provisioning for further increases in the coming months. The spiraling costs forced Lincs Aquatics to close a store in East Yorkshire, laying off several workers, while trying to offer pay rises to staff at its two remaining locations in Lincolnshire in order to help them through the crisis.
"The continuing supply chain crisis, exacerbated by conflict in Ukraine and lockdowns in China, has further compounded this." "I think the unit rate she was quoting was 60p [pence] a unit for gas, which is just ridiculous. I'd imagine a year ago, we'd have been looking at 5 or 6p. It's just absolute madness," Speed said.
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