Ancoats Residents Contend With The Looming Cost-of-living crisis.

• Rising cost of living puts a strain on households and businesses
• High inflation affects the affordability of products and services for consumers
• Conscious efforts put in remain in business

Despite Ancoats significant economic activity, businesses and individuals are struggling with financial difficulties due to the high cost of living.

The necessary living expenses such as rental rates, groceries and utilities has become a hand full to meet up with, stretching residents budgets thin.

The cost of living rose significantly across the UK between 2021 and 2022. In October 2022, the annual rate of inflation hit a 41-year peak of 11.1% before beginning to decline. According to recent data, in March 2024, the average yearly increase in inflation was 3.2%. High inflation affects the affordability of products and services for consumers

Strain On Businesses And Households

Although Ancoats has experienced economic expansion, with new developments and businesses opening up, residents are fighting an uphill struggle as the rising cost of living puts a strain on households and  businesses, raising concerns about affordability.

Fez Abdullahi, a local business owner, is grappling with significant challenges as rising costs impact his business. “Business has been very difficult with the high cost of electricity bills. I had to cut down on staffing but not on their welfare scheme. VAT has increased as well. I used up my savings to stay afloat. I have delayed payments on rent and am still struggling. I am making conscious efforts to retain my customers even though I had to increase the prices a little. It’s really been difficult”, Abdullahi said.

Planning And Restructuring Needed

Samuel, a resident of Ancoats added,” The high cost of living is affecting everybody. You don’t need someone to tell you there’s hardship in the system. Getting multiple sources of income is still the best way out of this”.

According to Tanzania Hannan, Sales Assistant at Smart City Tailors, “Business is more about planning and structuring. We operate using a well-tailored price chart for alterations and dry cleaning of fabrics. With the cost-of-living crisis, we adjust one way or another.”

Jamie Bytheway, a homeowner, highlighted the challenges faced by many due to the ongoing cost of living crisis. “Being a homeowner is a privilege not everyone has. It must be quite stressful for those who aren’t, especially with the numerous changes in welfare benefits and other policies. The government needs to prioritize support for those most in need and reconsider the broader impact of the cost of living crisis. Additionally, as a society, we should strive to be less wasteful,” she stated.