Cost-of-living crisis has ‘made us poorer’, shares local businesses ahead of the autumn budget
Local businesses are banding together to save money in the face of rising energy bills, with suspense high in the build-up to Chancellor Rachel Reeves’ autumn budget announcement today, on 30 October.
Amid the cost-of-living crisis, a Splott social enterprise has united local companies together to survive growing energy bills this winter.
Between October and December, households and businesses will have to tackle a 10% increase in energy bills if they want to survive the cold winter in Cardiff.
The autumn budget will outline any financial support schemes available for struggling businesses, whilst also forecasting the state of the economy for the upcoming year.
Some Cardiff business owners have found resilience in forming Community Interest Companies (CICs), a model which sees businesses acting as social enterprises, benefiting communities rather than private stakeholders.
Railway Gardens, a CIC site formally established in 2018 in Splott, has found that creating accessible, green spaces for social businesses and local citizens is effective in tackling the cost-of-living crisis.
Hannah Garcia, the 39-year-old director of Railway Gardens, shared that she hoped the autumn budget would provide sustainable, stable support for struggling businesses.
“The cost-of-living crisis hasn’t just made us poorer,” Garcia shared of the Railway Gardens visitors, “it has forced many people to work much longer hours, and it’s taken a huge toll on mental health.”
A survey conducted by accountancy firm PwC found that 81% of businesses expect the price of their products to increase this winter in response to rising energy costs.
Garcia added: “Communities will struggle to come together, thrive and design their own positive futures, while households are – through no fault of their own – battling insurmountable challenges.”