Over 150 Takeaways Close In Last Few Months

There is a real concern that during this cost of living crisis, with higher inflation and spiraling energy costs, that many businesses will go under, and this now seems to be borne out by the fact that over 150 takeaways have closed in Northern Ireland in just the last few months with many others on the brink.

There Is A Real Cost Of Doing Business Crisis

As we have mentioned in previous blog posts the cost of living crisis has also led to a cost of doing business crisis, with inflation, energy bills, labour shortages and rising interest rates all playing their part in making it a concerning time for all businesses in our part of the world.

Lots Of Independent Retailers & Hospitality Businesses Really Struggling

Business leaders are asking for the government to step in as a matter of urgency and bring in a series of measures to help businesses through the crisis. In an article on the Belfast Newsletter website, Retail NI chief executive Glyn Roberts said that:

“There has been more than 150 takeaways that have closed in the last few months and we have hundreds of businesses who are struggling due to high costs.

“A lot of independent retailers and hospitality businesses are really, really struggling at the minute.

“That’s the immediate challenge that we have to address.

“It’s one of the reasons why we wanted to get the business rates holiday reintroduced, the same as we had during Covid.”

Business Confidence Has Plummeted To Alarmingly Low Levels

The BBC have been doing research on the issues facing businesses and the drop in confidence they have suffered, and in the same article BCC director general Shevaun Haviland said:

“Our research indicates business confidence has plummeted to alarmingly low levels not seen since the height of the pandemic.

“The political and economic uncertainty over the past few months and the turbulent financial conditions following the Government’s mini-budget have damaged this even further.

“We are now on borrowed time, and the new Prime Minister must step up to the plate.

“Businesses can’t afford to see Government make any knee-jerk decisions that damage long-term growth.

“It must create stable conditions for businesses to invest and grow, otherwise we will be starting from a very weak base to power our recovery once global economic conditions stabilise.

“With a new Government and Prime Minister at the head of the table, it is high time we saw a long-term growth plan that involves investment in people and skills, supports businesses to adapt and thrive and builds good relationships with our global allies to get British businesses selling again.”

If they do it won’t be a moment too soon.